Fed's Barkin: The resurgence in the virus is dampening pace of US economic momentum
Comments from the Richmond Fed leader
- Higher virus cases could be a significant impediment to confidence
- Uncertainty is high
- We will know more in the next couple of weeks
- "Most everyone thought in March, that this would be a couple of months and then done"
What an embarrassing quote that is. Who thought that?
- Says spending flattened out 3-4 weeks ago based on daily spending data he sees
- He's worried that spending falls even if jobs come back
- Worries about scaring on small businesses and propensity to hire