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Fed’s Daly sees 4-5 year recovery in best-case scenario

July 1 – San Francisco Federal Reserve Bank President Mary Daly on Wednesday painted a grim picture of the U.S. economic outlook, saying that even under her best-case scenario unemployment will still top 10% at year’s end and won’t return to pre-crisis levels for four or five years.

“If we can get the public health issues under control either through a really robust mitigation strategy or a vaccine, then we can reengage in economic activity really quickly,” Daly told Washington Post Live in a virtual program. “Then it could take just four years or five years; but if we end up with a pervasive long-lasting hit to the economy, then it could take longer.”

(Reporting by Ann Saphir; Editing by Chizu Nomiyama)

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