US economic recovery slowed by 'uneven' health efforts: Fed president - Business Insider

Dallas Federal Reserve Bank President Robert Kaplan poses at a luncheon in El Paso, Texas, U.S., October 2, 2018.An uncoordinated effort to contain the coronavirus can impede the US recovery from economic recession, Robert Kaplan, president of the Federal Reserve Bank of Dallas, said.

A full recovery from recession is just as contingent on the US public health response as it is on fiscal and monetary stimulus, Kaplan told CBS's "" in an interview aired Sunday. Precautions such as wearing a mask and expanding testing services are "critical" to reviving consumer confidence. If different regions employ different containment strategies, the US could face smaller downturns well into the future, the president cautioned.

The Fed president holds a more positive outlook toward labor market performance, saying the unemployment rate won't reverse course and leap to 20% after May's surprise decline. The metric will fall to roughly 8% by the end of the year, with much of the improvement hinging on a service-industry rebound, he said.

"I'm being careful as a central banker not to tell the fiscal authorities what to do," he said. "But I would say fiscal policy is going to be critical from here."

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