Kansas City Fed President Esther George warned yesterday that “a full recovery is still far off” despite the strong job gains in some industries in May.
“Extraordinary uncertainty about the path of the pandemic over the second half of the year and the economic outlook will require a fair amount of patience and wisdom as we navigate the likely long-lasting implications of the coronavirus shock,” She added.
“Indicators are expected to improve in the third quarter even as the level of activity remains depressed,” but “it might be awhile before the dust settles and we gain insight on whether further accommodation is necessary or not,” she said.
