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“We clearly are looking at very large losses in employment, economic output,” Chicago Fed President Charles Evans said on Wednesday, per Reuters.

Additional takeaways

“The economy may begin to be able to recover in the second half if health conditions allow.”

“A more severe pandemic experience could delay recovery to late this year or next year.”

“We can be most assured of a sustained recovery when a vaccine is available.”

“Funding a Manhattan project to accelerate vaccine development could have a big impact.”

“It seems likely that additional resources will be needed to maintain the economy during the pandemic.”

Market reaction

The US Dollar Index largely ignored these comments and was last seen adding 0.1% on the day at 100.05.