Dallas Fed Pres Kaplan gives the first..........>

FED: Dallas Fed Pres Kaplan gives the first post-FOMC comments from a Fed

president, telling Fox Business that the Main Street program is intended to be a

bridge for businesses through this difficult period, and not stimulus per se.

- However, stimulus will be needed, likely via fiscal measures, Kaplan says.

- Expects unemployment likely to hit 20%, with an end-year rate of 8-10%, while

GDP could contract by 30% annualized in Q2, full year likely minus 4.5-5.0%

(with strong growth in H2).

- Says that disinflation is more likely than inflation in the near-term, with

rates staying low for long and Fed needing to do more.

- Expects will take until H2 2021 or 2022 to work of excess oil inventories (of

particular interest to Kaplan's Federal Reserve district).