Fed's Harker: US economy to underperform until virus is under control

The coronavirus caused a collapse in most forms of consumer spending, Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday.

Additional takeaways

"Q2 will be brutally painful because of coronavirus and mandated economic shutdown."

"We can expect the US economy to underperform until the virus is under control."

"The Fed's goal is to make sure every sector of the economy has access to liquidity."

"The crisis is severely harming the nonprofit sector and higher education."

"A scenario where the economy opens too quickly and leads to a second wave of the virus would reverse the recovery."

"Recovery will be uneven, with manufacturers rebounding more quickly than travel and hospitality."

"Banks shouldn't be issuing large dividends now."

The US Dollar Index largely ignored these comments and was last seen down 0.48% on the day at 99.75.