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Fed's Mester says U.S. economy could end 2020 down 6% for the year

Published 08/28/2020, 01:11 PM
Updated 08/28/2020, 01:15 PM
© Reuters. Cleveland Federal Reserve Bank President Loretta Mester speaks in London

NEW YORK (Reuters) - U.S. economic growth picked up in the third quarter but it will take a while for the economy to dig out of the "deep hole" it fell into because of the pandemic, Cleveland Federal Reserve President Loretta Mester said Friday.

"We're really in a deep hole," Mester said during an interview with Yahoo Finance. "While when the economy started reopening we got some positive there in terms of activity, we're certainly not back to where we were in February."

Mester said she expects U.S. GDP will end 2020 about 6% below where it was at the end of last year and that she expects unemployment to remain elevated.

Latest comments

Could is not the same as Should.....white lies.
Is this six percent adjusted for the FED letting inflation run wild? They keep moving the goalposts and changing the rules. Where’s the reff when you need him to give out a RED CARD?
WTH dollar is going down ?? any idea
The FED hates regular people and only cares about the uber-wealthy.
Because '' Could '' won't cut it..
apple and tesla red bcoz of this statement ha3
It doesn’t matter how many people are unemployed and hungry. The stock market is doing well and lots of old Americans are dying. No problem here. MAGA, only problem is, America was never great in my lifetime.
reminds me of 2008-2016, but not quite as bad.
Of course that is bias and best case scenario, probability extremely low lmao
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