The trillions of dollars in cash and loans unleashed by the Federal Reserve and U.S. political leaders in recent weeks is meant to build a ...
WASHINGTON: The trillions of dollars in cash and loans unleashed by the Federal Reserve and US political leaders in recent weeks is meant to build a financial bridge for the country to get beyond the coronavirus pandemic and restart the economy with little or no long-term damage.
After jumping to perhaps 20 per cent in coming months, Dynan said she anticipated the unemployment rate would come down"pretty quickly" into the single digits by the end of 2020. The NABE forecast sees an unemployment rate of nearly 10 per cent at the end of 2020, and 6per cent through 2021.The new forecasts add to the debate over what"shape" the evolving economic downturn and hoped-for recovery will take - whether a deep, but potentially sharp"V" that largely puts the economy back where it started, a more extended downturn and slower recovery that looks like a"U," or the"L" shape of a protracted downturn with little uplift.
"Panelists believe that the US economy is already in recession and will remain in a contractionary state for the first half of 2020, as the COVID-19 pandemic severely restricts economic activity,” said NABE President Constance Hunter, chief economist for KPMG.
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