Economy more resilient than expected – Fed’s Clarida
United States Federal Reserve Vice Chairman Richard Clarida stated on Friday the country’s economy had been “more resilient than expected” amid the ongoing coronavirus pandemic and the economic crisis that had emerged from it.
Clarida noted the Fed had “so far” managed to maintain inflation pressure “subdued” thanks to its “powerful” support to businesses. He added the “welcome news on the development of several effective vaccines” indicated that the economy could start recovering in 2021 and that “the downside risk to the outlook has diminished.”
“We are committed to using our full range of tools to support the economy and to help ensure that the recovery from this difficult period will be as robust as possible,” Clarida concluded.
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