Economy

Richmond Fed’s Barkin on U.S. economic recovery, potential scarring

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Pedestrians walk outside the New York Stock Exchange in the U.S.

Daniel Acker | Bloomberg | Getty Images

The U.S. economy is recovering from the Covid-19 recession, but some economic “scarring” may take a long time to heal, said Richmond Federal Reserve Bank President Thomas Barkin.

Economic scarring refers to damage left behind by crises that will suppress growth prospects over the medium or long term.

“I’m hopeful we’re on the brink of completing this recovery,” Barkin said Monday at the Credit Suisse Asian Investment Conference that’s being held virtually this year.

“Vaccines are rolling out, case rates and hospitalizations are falling, excess savings and fiscal stimulus should help fund…



Source cnbc.com

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