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Philly Pres Harker: Possible GDP Contraction In Q1

FED

Full Philadelphia Fed President Patrick Harker speech ("The Outlook for 2021 Nationally and Locally") just released, link below.


The relevant bit from the national US economic perspective: "I'm expecting the fourth quarter of last year to show modest growth, before a significant slowing in the first quarter of this year — possibly even negative growth...The recently passed $900 billion of fiscal support — while we can quibble over the details — should also help buoy the economy...GDP growth should be strong in the second half of the year, and through 2022, before a light tapering in 2023."


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