Fed's Harker: Economic recovery should continue if coronavirus is kept in check

The economic recovery in the US is expected to continue if coronavirus is kept in check, Philadelphia Fed President Patrick Harker said on Monday, as reported by Reuters.

Additional takeaways

"Unemployment still unlikely to reach pre-pandemic levels until 2023."

"Congress should consider further economic aid soon."

"Forecast is contingent on mask use or other steps to limit new outbreaks and deployment of a vaccine by late next year."

"Average inflation targeting will not focus on a formula but on the rate of change in inflation."

"Expecting a slow and bumpy recovery."

Market reaction

The US Dollar Index extended its slide and was last seen losing 0.33% on the day at 93.96.