US economy probably bottomed in early May – Fed’s Kaplan

The United States economy “probably” hit bottom in early May as the coronavirus pandemic caused lockdowns across the country, Federal Reserve Bank (Fed) Dallas President Robert Kaplan stressed on Tuesday, adding the US will “grow pretty strongly” from there.

He also claimed there are “upside and downside risks” to the US economy, underscoring that a lot depends on coronavirus testing and prevention. However, a resurgence in new COVID-19 infections nationwide is not threatening to overwhelm the country’s healthcare system, Kaplan noted.

The Fed is not out of ammunition to support the economy amid the coronavirus crisis, according to the central bank’s Dallas president, while he expects strong job reports during the summer.

Breaking the News / GA

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