WASHINGTON (Reuters) – The U.S. economy may well have hit its low point last month and businesses are gradually leaning to cope with the new reality of doing business amid continued concerns around the coronavirus pandemic, St. Louis Federal Reserve president James Bullard said on Wednesday.
Restaurants, hotels and other “high contact” firms remain hard hit, he said, but “there is reopening occurring. There is adaptation occurring. We are at the beginning…and I would expect that process to be something that plays out over the next 120 days. There will be a learning process there by different businesses that keeps customers confident and keeps their own work force confident.”
(Reporting by Howard Schneider)
