Noting that in recent months, the US economic recovery has “moderated,” the Federal Reserve issued its monthly statement saying that the outlook for the economy is more tenuous as the nation continues to wait for widespread vaccinations, Politico reports.

“The path of the economy will depend significantly on the course of the virus, including progress on vaccinations. The ongoing public health crisis continues to weigh on economic activity, employment, and inflation, and poses considerable risks to the economic outlook,” the Fed statement reads.

Prior to the Biden Administration taking office, the scope of the vaccination effort was misrepresented by Trump officials.  Trump had vowed to have 100 million people vaccinated by the end of 2020, a figure that was revised down to 20 million; in actuality, fewer than nine million people were vaccinated, and the amount of doses in reserve were virtually nonexistent.

The Fed noted that the economy is ready to spring back once the coronavirus pandemic is under control.  The Biden Administration’s concrete plans to obtain and distribute vaccines might provide an opportunity for the economy to reopen safely.

“The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic,” the Fed statement reads.  “Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.”