San Francisco Fed president, Mary Daly, comments to the WSJ
- Doesn't expect a V-shaped recovery
- Expects something more like negative quarters of growth this year, then gradual return to positive growth next year
- Even so, such a view depends on how the health crisis is going to play out
- It will take time for governments to lift restrictions and people to regain confidence
- Uncertainty is the central issue surrounding the economy's future
- Fed is committed to near-zero rates until after the crisis passes
- Also until price pressures move higher and unemployment data reverse its course
- Says that 'very pleased' with the market's reaction to Fed measures
Bolding a few points but nothing that stands out all too much, though once again it reaffirms that any recovery path is not certain as the global situation remains extremely fluid at this point in time. The full interview can be found here (may be gated).
