“The economic recovery in the US will be uneven with wildly unequal outcomes across sectors,” Philadelphia Fed President Patrick Harker said on Thursday, as reported by Reuters.
Additional takeaways
“The virus is determining the trajectory of the US economy.”
“Expecting Q4 of 2020 to show modest growth, before a significant slowing and possibly negative growth in Q1 of 2021.”
“GDP growth should be strong in the second half of 2021 and through 2022, before a light tapering in 2023.”
Market reaction
The US Dollar Index largely ignored these remarks and was last seen gaining 0.25% on the day at 89.75.
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