In a speech, Clarida said U.S. gross domestic product probably won’t return to its 2019 high watermark for a year and the unemployment rate will not reach its pre-COVID-19 low even then.
Clarida added that more fiscal stimulus is likely necessary.
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MMG's Bodnar: We've Been Watching This Movie All Year Bill Bodnar of the Mortgage Market Guide breaks down the jobs report, why and how it came in above expectations, and what that means just days ahead of the Fed meeting.
Estimated reading time: 0 minutes, 23 seconds
Fed Vice Chair: COVID-19 Will Hobble Economy for Years
Federal Reserve Vice Chairman Richard Clarida has forecast that the hit to the U.S. economy from the coronavirus pandemic could last for years. So reports The Hill.
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