Fed Officials Last Month Saw Sizable Risks Facing Economy

The minutes said that “most forecasters were assuming that an additional pandemic-related fiscal package would be approved this year, and noted that, absent a new package, growth could decelerate at a faster-than-expected pace in the fourth quarter.

The prospects for approval of a new package being passed before the Nov. 3 elections have significantly diminished with President Donald Trump’s decision to cut off negotiations with Democrats. Trump has instead proposed that Democrats approve individual rescue items, such as money for ailing airlines and another round of $1,200 checks for most adults, rather than a comprehensive aid package.