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In an interview with the Wall Street Journal (WSJ), San Francisco Federal Reserve (Fed) President Mary Daly said that the recovery path out of the coronavirus crisis is unlikely to be a swift one.

Additional quotes

Doesn’t expect a V-shaped recovery.

Expects something more like negative quarters of growth this year, then gradual return to positive growth next year.

Even so, such a view depends on how the health crisis is going to play out.

It will take time for governments to lift restrictions and people to regain confidence.

Uncertainty is the central issue surrounding the economy’s future.

Fed is committed to near-zero rates until after the crisis passes.

Also until price pressures move higher and unemployment data reverse its course.

‘Very pleased’ with the market’s reaction to Fed measures.