Mester is President of the Federal Reserve in Cleveland, she sees unemployment ending this year at 9%
- says second-quarter GDP could show largest quarterly decline on record
- she expects inflation to decline further this year
- labor market deterioration worse than numbers indicate because many people left labor force or had hours cut
- Q2 will show most severe effects of pandemic shutdown on economic activity
- says economic outcomes could be more dire if virus is not controlled and health-care system gets overwhelmed
- says she expects economic activity to pick up in the second half of 2020
Mester speaking (virtually) to an economic forum
