US Federal Reserve officials say Americans should not expect a quick return to growth.

  • On Friday, Minneapolis Federal Reserve Bank President Neel Kashkari told PBS, “A couple months ago I was optimistic, I was hopeful, that maybe we would have a ‘V’-shaped recovery – shut things down, clamp down on the virus, and then have a quick recovery.” With a vaccine and effective treatment unlikely for a year or two, “we are in for unfortunately a slow, long recovery” from “devastating” job losses.
  • An hour after Kashkari’s statement, San Francisco Fed President Mary Daly told CNN, “What I’m hoping in the baseline is we can come back safely, we listen to public health officials, we take it slow but gradual…if we do those things and we reenter safely, then I expect us to have positive growth in 2021.”