Fed's Kaplan now speaking
Fed's Kaplan is speaking and says:
- we are growing out of this deep hole of the 2nd quarter
- 2021 US GDP growth to be in the neighborhood of 3.5%
- household income, spending a strong due to fiscal relief
- US GDP drop would have been bigger without fiscal help
- consumers less engaged YoY, affecting small businesses
- if don't get extension of fiscal relief, consumer spending could weaken
- there are going to be plenty of places for growth
- expects see social business in, masks for all of 2021
- depressed industries including energy should improvement 2022, 2023
Kaplan is a little more hopeful, but still joins the course of Fed officials who are looking for more fiscal stimulus to help targeted groups.
