Fed Harker is a voting member on the FOMC board this year
Fed's Harker is the latest Fed official to be speaking today. He says:
- Virus led to a collapse in most forms of consumer spending
- Q2 will be brutally painful because of coronavirus and mandates economic shut down
- We can expect the US economy to underperform until the virus is under control
- Fed's goal is to make sure every sector of the economy has access to liquidity
- Crisis is severely harming the nonprofit sector and higher education
- A scenario where economy opens to quickly and leads to a 2nd wave of the virus would reverse the recovery
- Recovery will be on even, with manufacturers rebounding more quickly than travel and hospitality
- In his opinion banks shouldn't be issuing large dividends now
- rural healthcare systems were already under pressure and virus is exasperating that trend
- parts of the agricultural sector already under a lot of stress and crisis will not help
Fed's Harker is a voting member of the FOMC board this year
