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On balance, Sandy to have negative economic effect: Fed official

A top Federal Reserve official on Thursday said, on balance, the massive storm Sandy will have a negative effect on the U.S. economy.

Eric Rosengren, president of the Federal Reserve Bank of Boston, cited both the immediate economic harm the storm would cause and the eventual economic boost from the clean-up. But he said the longer-term economic harm would not be "huge."

(Reporting by Tim McLaughlin; Writing by Jonathan Spicer; Editing by Leslie Adler)