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The Federal Reserve’s actions so far improved the market liquidity and functioning, Cleveland Federal Reserve President Loretta Mester told Bloomberg TV on Friday.

Additional takeaways

“We’ll know more about what the recovery will look like as the economy opens up.”

“Q2 numbers are going to be negative but we’ll see activity begin to emerge in Q3 and Q4.”

“It’s hard to imagine a quick V-shaped recovery as consumers remain cautious.”

Market reaction

The US Dollar Index largely ignored these comments and was last down 0.23% on the day at 98.23.