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Richmond Fed President Thomas Barkin said on Friday that he fears the effects of the coronavirus pandemic will last beyond the next couple of months.

“The restaurant industry is not going to be profitable with outdoor seating and minor changes will have to rethink the operation,” Barkin added and noted that some of the jobs lost will not come back. “The health crisis has disproportionately affected people of color.”

Market reaction

The US Dollar Index edged higher and was last up 0.4% on the day at 97.20.

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