Vice Chair Richard Clarida's remarks for the....>

FED: Vice Chair Richard Clarida's remarks for the Foreign Policy Association

this evening include nothing new. The event will not have Q&A. 

* Indicators from recent weeks "suggest a stabilization or even a modest rebound

in some segments of the economy," Clarida says. 

* He says his baseline view is that it "will likely take some time for economic

activity and the labor market to fully recover from the pandemic shock" with

growth starting in Q3. Expects Covid-19 to be disinflationary, not inflationary.

* More fiscal and monetary aid "may be called for," depending on the course of

the virus and economy.  

* Fed's Section 13(3) programs have helped to ease financial conditions, but "it

may not prove to be durable, depending on the course that the coronavirus

contagion takes and the duration of the recession that it causes. At minimum,

the easing of financial conditions is buying some time until the economy begins

to recover."