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Fed Leaders See Slow and Uneven Recovery

The U.S. economy could start to recover in the second half of 2020 after what’s shaping up to be the worst recession in decades. However, Reuters quoted several top policymakers at the Federal Reserve as concluding that growth is likely to be slow and uneven.

“We’re living through the most severe contraction in activity and surge in unemployment that we’ve seen in our lifetimes,” Fed vice chair Richard Clarida told CNBC. “Unfortunately, the unemployment rate is going to surge to numbers that we’ve not seen probably since the 1940s.”

In terms of the recovery, “There are lots of different possibilities,” said Atlanta Fed President Raphael Bostic. “In many communities the ‘V’ recovery is going to be very difficult to achieve.”

Chicago Fed President Charles Evans said it’s “reasonable” to expect a return to economic growth in the second half of the year, but noted that he viewed efforts to reopen the economy, even as the coronavirus pandemic continues, to be a “bold decision with pretty high risks.” He added that “the pickup in activity will likely be slow at first.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).