Fed’s Harker sees shape of recovery as ‘bumpy swoosh’


(Reuters) – Philadelphia Federal Reserve Bank President Patrick Harker said on Friday he does not expect the economy, now growing quickly after a sharp downturn, to reverse course into a double dip recession, but he does expect the recovery to be uneven and slow.

“I see a swoosh, a Nike-swoosh type recovery, but a very bumpy Nike-swoosh recovery – we are going to go up and down … fits and starts until we get over this health crisis,” Harker told Fox Business Network. Even after what he expects to be strong economic growth in the second half of 2021 and in 2022, unemployment will likely still be at an elevated 7% by the end of next year, he said.

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