(Reuters) - The U.S. economic recovery will be bumpy as virus infections go up and down and more fiscal stimulus is needed to encourage businesses and consumers to spend, Philadelphia Federal Reserve president Patrick Harker said on Tuesday.
Harker said he is accounting for another $1 trillion in fiscal stimulus in his economic forecast and that GDP will drop by several tenths without it. “It’s going to be somewhat of a bumpy road,” Harker said. “We’ve really got to get the virus under control because that is driving everything.”
Reporting by Jonnelle Marte; Editing by Chizu Nomiyama
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