San Francisco Fed President Mary Daly said she expects recovery to be slow and gradual, depending on the coronavirus. A V-shaped recovery is not expected. “As we get more information about how the virus will affect the economy, we will be thinking about how can we use forward guidance to telegraph to people, to signal to markets, households and businesses what our intentions are in terms of supporting the economy going forward”, she said.

Also, with resurgence in infections, more stimulus is needed for the economy. “It’s becoming quite clear that the virus will be with us for longer and more vigorously than anyone had hoped for,” she said in an interview Tuesday. “The length of the support that the economy is going to need, before we can ever stimulate the economy, it just has to be longer.”

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