Philadelphia Fed President Patrick Harker warned of the risk of reopening the economy too soon. In a more pessimistic scenario, there is a second wave of the coronavirus after reopening. “Not only would this be a health catastrophe, but it would reverse the recovery as well”, he said.
Harker also said that Q2 data will be “brutally painful. “What happens after that to a large extent depends on how the virus moves through our society, and our reaction to it in terms of balancing stay-at-home policies versus an intelligent — and I want to stress, intelligent — reopening.”
