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The president of the largest Federal Reserve district said Thursday that her contacts are not banking on a quick rebound in economic activity.
“No one who I talked is looking at a V-shaped recovery, they really think this will be gradual and it will take time to build confidence back up for both workers and consumers,” Daly said in an interview on Bloomberg Television.
Daly refused to provide quarterly GDP forecasts, saying it was too hard to forecast, but said 2020 as a whole would show negative growth.
Growth will return in 2021, she said.
“I think that’s about as good as forecasting can get right now,” she said.
