U.S. ECONOMY NEEDS AT LEAST AN YEAR TO RECOVER TO PRE-PANDEMIC LEVELS: FEDERAL RESERVE

Highlights

• Clarida on Wednesday said the COVID-19 recession threw the economy into a very deep hole and it will take some time, perhaps another year, for the level of GDP to fully recover to its previous 2019 peak

• US GDP slumped at its fastest pace in the second quarter of 2020, contracting by 31.4 percent after falling 3.4 percent in the first three months of this year

• Federal Reserve Vice Ch....