Fed Harker: employment will not return to pre-pandemic levels until 2023

Philadelphia Fed Chairman Patrick Harker said in a speech that following the historic second quarter contraction, the economy “rebounded faster than many of us expected. The recovery is expected to continue, but “not quickly enough” for GDP to reach its pre-pandemic level by the end of the year. “Employment, unfortunately, is unlikely to return to pre-pandemic levels until 2023.”

On the Fed’s new statement, Harker said that “tolerating the risk of slightly higher inflation, in our opinion, is worth it if it helps us meet our employment goals.”

Full speech here.

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