NEW YORK (Reuters) – U.S. financial progress picked up within the third quarter however it should take some time for the financial system to dig out of the “deep gap” it fell into due to the pandemic, Cleveland Federal Reserve President Loretta Mester mentioned Friday.
“We’re actually in a deep gap,” Mester mentioned throughout an interview with Yahoo Finance. “Whereas when the financial system began reopening we bought some optimistic there when it comes to exercise, we’re definitely not again to the place we have been in February.”
Mester mentioned she expects U.S. GDP will finish 2020 about 6% beneath the place it was on the finish of final 12 months and that she expects unemployment to stay elevated.
(Reporting by Jonnelle Marte, Enhancing by Franklin Paul)