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While speaking at an event organized by the CFA Institute in Boston on Friday,  Richard Clarida, the Federal Reserve Board of Governors Vice-Chair, argued that the economic growth in the second half of the year will be slower than the first half.

“Relative to July, we have seen a downshift in overall growth,” Clarida further elaborated and noted that he doesn’t see any evidence that recession risks are elevated or spilling over to affect the consumer.

In the first part of his speech earlier in the session, Clarida refrained from delivering a hawkish message regarding the policy outlook and caused the US Dollar Index, which was last down 0.2% on the day at 97.36, to push lower. Below are some additional quotes, per Reuters.

“Negative rates and currency changes are impacting capital flows in ways they weren’t before.”

“Global economy is sort of muddling through, not dire but not robust.”