Economy

Fed’s Bullard says the recession is over but rates will ‘stay low for a long time’

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St. Louis Fed President James Bullard said Friday that he believes the recession caused by the coronavirus pandemic is over but that the central bank will continue its accommodative stance toward the U.S. economy. 

Bullard said on CNBC’s “Closing Bell” that he expected the third quarter to be “one of the best quarters ever for economic growth in the U.S.” after a record downturn in the second quarter, when gross domestic product fell by more than 30% on an annualized basis. The central banker said that he thinks the recession only lasted for two months and that the economy would continue to grow in the fourth quarter of 2020 and the first quarter of next year.

Despite the improving…



Source cnbc.com

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