Economics
Fed’s Clarida Sees Economic Recovery Starting in Second Half
- Contraction and jobless surge are worst ‘in our lifetimes’
- Pledges Fed will continue with proactive, aggressive actions
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Federal Reserve Vice Chairman Richard Clarida mixed a sobering acknowledgment of the damage inflicted on the U.S. economy by the coronavirus pandemic with an optimistic outlook for the second half of the year.
“We’re living through the most severe contraction in activity and surge in unemployment that we’ve seen in our lifetimes,” Clarida said Tuesday in an interview on CNBC television. “But recovery could begin in the second half of the year, and that today is my forecast.”