In separate appearances, Atlanta Fed President Raphael Bostic, Boston Fed President Eric Rosengren and Richmond Fed President Thomas Barkin noted what Barkin characterized as “air pockets” facing the U.S.

economy - businesses exhausting existing order books without refilling them, and households facing the end of unemployment benefits and other support.

“Businesses like construction had pretty good pipelines and kept going,” through the first phase of the pandemic Barkin said in webcast remarks to a group of local chambers of commerce in Virginia’s Shenandoah Valley.

Louis Fed President James Bullard said on CNBC he felt that face masks will become “ubiquitous” to tame the pandemic, and many lost jobs will be regained by year’s end.

That is in line with other surveys among households and businesses that suggest people feel the deepest economic risks from the pandemic have been avoided.