Fed's Bostic: Remains an open question whether current stock market level will persist

"It remains an open question whether the current stock market level will persist," Atlanta Fed President Raphael Bostic said on Thursday.

Additional takeaways

"Will only know the adequacy of municipal, other new programs when they fully open and demand can be assessed."

"Not clear yet if looser opening rules in some states are making a difference in sales or other economic activity."

"Overall depression less likely but worried about pockets, including low and moderate-income communities, that may see even slower recovery."

"Economic impact of opening in southern states has been mixed, cellphone data suggest movement has not gone up appreciably though some retailers have seen stronger than expected traffic."

Market reaction

These comments were largely ignored by the market participants. As of writing, Wall Street's main indexes were up between 1% and 1.25%.