Fed's Kaplan on Bloomberg TV
Fed's Kaplan on Bloomberg TV says:
- sees peak unemployment in mid to high teens
- jobless rate may be 8%, 9% or 10% by end of year
- may take until 2021 4 consumer to get footing
- ubiquity of testing is critical for consumer confidence
- US growth to be above potential in 2021
- economy will grow faster than potential during recovery, but crisis may reduce potential growth over longer term
- you'll see a number of failures in oil industry
- steps to restrain oil production could be appropriate
- excess oil supply to take several months to work off
- Fed should be open-minded about sectors needing 8
Fed's Kaplan is the president of the Dallas Fed. As a result he is on the pulse of the oil market and the impact on his Federal Reserve district. WTI crude oil is trading down $0.21 at $19.66. The low price reached $19.59. The high price today extended to $20.53.
