St. Louis Fed President James Bullard has stated that economic recovery in the US appears to have slowed down during July after showing signs of rebounding in May and June. He has also cautioned that this points to the recovery in the coming months being bumpy and uncertain, even as the pandemic rages on across the US and most of the world.

Bullard shared these thoughts during an online event at Memphis, Tennessee, adding, “I think the slowdown in July would be consistent with the idea that we shouldn’t expect a completely smooth transition as you go forward because this is a crisis and there’s going to be ups and downs.”

He also observed that the focus needs to shift from pinning hopes on a possible vaccine in the coming months. Instead, he advocated more widespread use of masks while stepping out and increasing the accessibility of testing for coronavirus as more effective ways to manage the pandemic.

While speaking about the coronavirus relief bill, Bullard expressed hope that Congress soon work out a deal to roll out more financial aid to businesses and households in a bid to prop up the economy.