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Fed’s Clarida Says Economic Recovery Has ‘Long Way to Go’

  • GDP may take a year to reach pre-virus level, longer for jobs
  • Vaccine and at-home testing could speed economy’s recovery
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Federal Reserve Vice Chairman Richard Clarida said the U.S. economy faces a long and uncertain road to regaining its pre-pandemic strength despite a faster-than-expected initial rebound from the wreckage of the coronavirus pandemic.

“While economic recovery since the spring collapse has been robust, let us not forget that full economic recovery from the Covid-19 recession has a long way to go,” Clarida said in the text of remarks he’s set to deliver Wednesday at an online event organized by the Institute of International Finance.