With cases of Covid-19 likely to resurge, at least in some parts of the country, the U.S. economic recovery will be neither smooth nor strong, Minneapolis Federal Reserve Bank President Neel Kashkari said.
"My base-case scenario is that we are going to continue to see peaks, second waves, etcetera, unfortunately, for the rest of the year, until we get to some form of effective therapy or some form of vaccine or very, very widespread testing, and we are not there yet," Kashkari told the Rural Equitable Development Forum. He was referring to waves of infection by the novel coronavirus.
"That means our economic recovery is likely to be bumpy and it’s going to be more muted," Reuters cited Kashkari as saying.
