Fed officials warn on ‘thick fog’ ahead for U.S. economy as recovery concerns deepen

Reuters/Lindsay Dunsmuir and Howard Schneider

“One by one, Fed policymakers have become more downbeat in recent days, resetting expectations on the recovery ahead and cautioning that recent improvement in economic data such as job gains may be fleeting. ‘The pandemic remains the key driver of the economy’s course. A thick fog of uncertainty still surrounds us, and downside risks predominate,’ Fed Governor Lael Brainard said in a speech to a virtual event hosted by the National Association for Business Economics.”

USAGOLD note: Looks like the Fed is crossing out the “V” and replacing it with a “U” – at best.  By now, most of us hoped we would be in for some clear sailing rather than a thick fog. Lael Brainward is the Fed governor seated at the far right in the photo.

Repost from 7-14-2020

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