Economics
Clarida Says It Will Take Some Time to Restore Pre-Virus Economy
- Clarida: expect temporary rise in inflation above 2% this year
- Vice chair expects most of the increase to be transitory
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Federal Reserve Vice Chair Richard Clarida said the U.S. economic recovery remains incomplete, even as the central bank forecasts stronger growth ahead.
“It will take some time for economic activity and employment to return to levels that prevailed at the business cycle peak reached last February,” Clarida said Thursday in remarks prepared for a virtual event hosted by the Institute of International Finance. “We are committed to using our full range of tools to support the economy until the job is well and truly done to help ensure that the economic recovery will be as robust and rapid as possible.”