Comments from the Dallas Fed President:
- Expects growth in H2 and 2021
- Growth forecast assumes consumers are willing to travel, eat out and broadly re-engage in economy
- Massive increase in testing is critical for re-engagement
- Sees downside risks to forecast without ramped up testing
- Under baseline, unemployment falls to 10-11% by year-end, under 7% by year-end 2021
Comments in an interview with Reuters.
Harker also spoke but didn't talk about the economy.
Unemployment is forecast to rise to nearly 20% in next month's non-farm payrolls report. That's double the financial crisis but it look 3 years to get back to 7% and Kaplan is predicting a much quicker rebound this time. That's key.