Fed's Kaplan: Resurgence of virus has muted recovery

The resurgence of the coronavirus has muted the US' economic recovery but growth is still expected to be strong in the third and the fourth quarters, Dallas Federal Reserve Bank President Robert Kaplan said on Wednesday.

Kaplan further noted that he expects the unemployment rate to be close to 9% and perhaps less if there is adherence to coronavirus protocols. "The US has to learn to live with the virus through protocols like mask usage as economy remains open."

Market reaction

US Dollar Index largely ignored these comments and was last see losing 0.27% on a daily basis at 93.39.