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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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.
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.