Fed policymakers say pickup in infections slowing U.S. economic recovery

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A resurgence in coronavirus cases is slowing the economic recovery and the pandemic will continue to weigh on the U.S. economy and American life for longer than initially expected, three Federal Reserve policymakers said on Wednesday.

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FILE PHOTO: The Federal Reserve building is set against a blue sky, amid the coronavirus disease outbreak, in Washington, U.S., May 1, 2020. REUTERS/Kevin Lamarque

The increase in infections has raised the downside risks to the economic outlook and suggests the reopening of the U.S. economy may be more protracted than many initially anticipated, Cleveland Fed President Loretta Mester said in a speech for the Liberal Arts Macroeconomics Conference. “I believe the economy needs a continuation of the unemployment benefits,” Kaplan said. “It may not need to be in the same form as it currently is, but we need a continuation.”

While U.S. economic growth slowed in July, it could pick up in the third quarter and reach pre-pandemic levels by the end of next year, Federal Reserve Vice Chairman Richard Clarida said on CNBC. Kaplan forecast that for the 2020 full year, the economy will contract by 5%, while Mester forecast a contraction of 6%, from the end of 2019.

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That’s a big ole f surprise.

Really?

Yeah and pretty soon the economy will be doing so F'n well we will all be dead! The reason the economy is doing so well is likely on the back of casket manufacturers and undertakers.

Who knows the truth with numbers bloated?

No shit Sherlock! TrumpIsNotWell

birkirstin Now, what could have been done differently ...? 🙄🙄🙄

well duh

Ya think?

No shit.

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