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The United States Federal Reserve Vice Chair Richard Clarida said on Friday that the distribution of Coronavirus vaccines is improving the outlook for the American economy in 2021, Reuters reported.
“The economy has turned out to be more resilient in adapting to the virus and more responsive to monetary and fiscal policy support than many predicted.”
“The welcome news on the development of several effective vaccines indicates to me that the prospects for the economy in 2021 and beyond have brightened and the downside risk to the outlook has diminished.”
“Like all Americans, I was angered,” Clarida said commenting on the recent attack by domestic terrorists on the Capitol, noting that he is “hopeful we can get past this episode.”
“Hypothetically any instability that erodes confidence and capital spending and consumer confidence is something we have to look at … I don’t foresee that as being a challenge.”
The Fed expects a relatively rapid recovery in the jobs market and inflation levels compared with the global financial crisis, estimating two years to return to pre-crisis levels.
