the head of the Philadelphia fed Patrick Harker: the Second quarter will be very painful for the economy

  • Virus led to the collapse of most forms of consumer expenditure

  • Q2 will be very painful because of the coronavirus and its negative impact on the economy

  • We can expect that the US economy will decline, yet the virus will not be under the control

  • the Goal of the fed — to ensure access to liquidity for each sector of the economy.

  • The crisis is causing serious damage to the nonprofit sector and higher education

  • a Scenario when the economy opens quickly and leads to the 2nd wave of the virus will reverse recovery

  • The restoration is uniform, the producers will recover faster than the travel and hotel business

  • In my opinion, banks should not pay out large dividends

Harker is a voting member of the Board of the FOMC this year

Information-analytical Department TeleTrade


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