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Company News

Fed's Kaplan sees downside risk from virus resurgence

Nov 9 (Reuters) - Dallas Federal Reserve Bank President Robert Kaplan said on Monday the U.S. economy is rebounding from a deep contraction, but the resurgence of COVID-19 poses downside risks, particularly if it overwhelms hospitals in certain areas.

“Right now, the trends are in the wrong direction,” Kaplan said in a virtual event for the Louisiana communities of Shreveport and Bossier City.

Cases of the novel coronavirus have surged across the United States, prompting authorities to renew restrictions on economic activity in some cities, including El Paso, Texas, as well as whole states such as Utah. (Reporting by Ann Saphir Editing by Chris Reese)

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