July 14, 2020 / 8:49 PM / 24 days ago

Fed's Harker says increase in coronavirus cases has direct economic impact

(Reuters) - The increase in coronavirus cases across the U.S. can stall the economy and make consumers cautious, Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday.

“There’s both the direct economic impact of businesses having to close down,” Harker said during a webinar organized by the Fed. “But I also worry about the psychological impact on consumer confidence.”

Reporting by Jonnelle Marte; Editing by Chris Reese

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