Philadelphia Fed President Patrick Harker said on Friday that the US economy was very strong before the pandemic struck and noted that it will “not just going to snap right back where it was,” as reported by Reuters.
“The pandemic has exacerbated trends in the economy including inequality and automation,” Harker added. “It will be important to retrain workers for better jobs.”
Market reaction
The greenback remains under modest bearish pressure following these remarks. As of writing, the US Dollar Index was down 0.15% on a daily basis at 92.82.
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