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10/14/2020, 3:20 PM (Source: TeleTrader)
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Fed's Clarida: A year likely needed for GDP recovery

It will probably be a year or more before the United States gross domestic product (GDP) returns to pre-pandemic levels, Federal Reserve Vice Chairman Richard Clarida said on Wednesday at the Institute of International Finance.

"It will likely take even longer than that for the unemployment rate to return to a level consistent with our maximum-employment mandate," Clarida stated.

The central banker stressed the Fed is prepared to use all tools needed to support the economic recovery, but pointed out more fiscal stimulus will be needed as well. He also added that lower unemployment would not be the only factor the Fed will consider when discussing a potential rate hike.

Breaking the News / VP