Fed outlook assumes stimulus spending: minutes

Many Federal Open Market Committee members are predicating their economic outlook on the passage of additional economic stimulus spending, according to the minutes of their Sept. 15-16 meeting.

Fed rate-setters said the pace of recovery would be slowed if future fiscal support is significantly smaller or later than they anticipate, according to the minutes. Most expressed concern about the expiration of the CARES Act's enhanced unemployment insurance benefits.

Policymakers this week called off stimulus talks until after the November elections, though congressional and administration officials remain under pressure to resume negotiations and have left the door open to further discussions.

With the stimulus debate continuing, ICBA is urging community bankers to call their members of Congress and enlist the support of small-business contacts on behalf of a standalone PPP forgiveness reform bill.

ICBA's Be Heard grassroots action center includes call alerts for small-business owners and community bankers on behalf of legislation to forgive PPP loans of $150,000 or less.