May 1, 2020 / 12:54 PM / a month ago

U.S. rates to stay low, Fed will need to do more, Kaplan tells Fox Business

SAN FRANCISCO, May 1 (Reuters) - With U.S. unemployment likely to go as high as 20% and end the year still at 8% to 10%, the Federal Reserve still has work ahead to help the U.S. economy weather the coronavirus crisis, Dallas Federal Reserve Bank President Robert Kaplan said Friday.

“Rates are going to stay lower for longer and the Fed is going to need to do more in terms of other actions to bridge this period,” Kaplan said in an interview on Fox Business Network.

Reporting by Ann Saphir Editing by Chizu Nomiyama

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