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The economic activity in the US is not expected to return to pre-crisis levels until late-2021, Chicago Federal Reserve Bank President Charles Evans said on Monday, as reported by Reuters.

Additional takeaways

“The US economy surprisingly resilient despite the virus’ horrific death toll.”

“The US economy still has a long way to go.”

“Could be 2023 before unemployment is at 4%, inflation reaches 2% sustainably.”

“Inflation modestly overshooting 2% for a few years after 2023.”

“Recessionary dynamics to gain traction without more federal fiscal aid before too long.”

Fed’s work on inflation might not be complete when it raises rates from current zero level.”

“After rate liftoff, Fed policy to stay accommodative until inflation averaging goal is met.”

“Could take until 2026 to get to 2% inflation on average if inflation only allowed to rise to 2.25%.”

“Fed can’t be timid on overshooting 2% inflation.”

“Fed likely would have delayed rate hikes to at least 2017 if new framework had been in force.”

Market reaction

The US Dollar Index largely ignored these comments and was last seen losing 0.44% on the day at 93.40.