June 19, 2020 / 7:04 AM / 18 days ago

U.S. recovery to be bumpy, muted, Fed's Kashkari says

FILE PHOTO: President of the Federal Reserve Bank on Minneapolis Neel Kashkari listens to a question during an interview in New York, U.S., March 29, 2019. REUTERS/Shannon Stapleton

SAN FRANCISCO (Reuters) - With cases of Covid-19 likely to resurge, at least in some parts of the country, the U.S. economic recovery will be neither smooth nor strong, Minneapolis Federal Reserve Bank President Neel Kashkari said in remarks released Thursday.

“My base-case scenario is that we are going to continue to see peaks, second waves, etcetera, unfortunately, for the rest of the year, until we get to some form of effective therapy or some form of vaccine or very, very widespread testing, and we are not there yet,” Kashkari told the Rural Equitable Development Forum on Wednesday, a recording of which was released publicly on Thursday. He was referring to waves of infection by the novel coronavirus.

“That means our economic recovery is likely to be bumpy and it’s going to be more muted,” Kashkari said.

Reporting by Ann Saphir; Editing by Leslie Adler

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