Search ForexCrunch

“The US economy will start to grow against in the third quarter with peak unemployment mid to high teens,” Dallas Fed President Robert Kaplan told Bloomberg TV on Thursday.

Kaplan added that the expects the unemployment rate to fall to 8-10% by the end of the year and noted that widespread testing is needed to give consumers more confidence. 

“The economy will grow faster than potential during recovery, but the crisis may reduce potential growth over longer-term,” Kaplan said. “The oil industry is on the verge of running out of storage, making the situation even worse.”

Market reaction

These comments were largely ignored by the market participants and the US Dollar Index was last seen adding 0.6% on the day at 100.16.