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The economic downturn in the United States is likely to last more than a couple of months, said Richmond Fed President Thomas Barkin on Friday.

“The US needs to lay plans for what further help might be needed,” Barkin added and noted that it was possible to return to normal operations of the economy at a gradual pace assuming health protocols are in place. “In the aftermath of crisis, both the labor force and productivity may be under pressure as some workers stay home and others face difficulties in finding new jobs.”

Market reaction

The US Dollar Index largely ignored these comments and was last seen down 0.15% on the day at 98.87.