US economy to get worse before it gets better - Fed's Daly

Tuesday, 31. March 2020 20:25

San Francisco Federal Reserve Bank President Mary Daly claimed on Tuesday that the United States economy will "get worse" before it bounces back after the coronavirus pandemic. She also asserted that the country's economy could already be in recession with "with millions on furlough or losing their jobs."

"The Federal Reserve is prepared to do whatever it takes within our powers to ensure that we are part of the solution of shoring up people over the virus, shoring up the American economy and putting us in the best position to grow again once the virus recedes," Daly stated, adding that coronavirus will "determine the magnitude and duration of the downturn."

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