REUTERS: The U.S. recession is here. How long it will last will depend on the course of a viral pandemic that could still kill hundreds of thousands of Americans, and has most of the country under lockdowns aimed at slowing the infection's spread.
The program is a key part of the US$2.2 trillion coronavirus rescue package passed by Congress last week. Speaking earlier in the day to CNBC, Dallas Fed President Robert Kaplan agreed the economy is already in a"severe contraction" and forecast that unemployment could rise to the low or mid teens.
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