>> the central bank projected the economy would shrink by between 0.5 percent and 1.3 percent this year,
This is so puzzling. There is obvious distress in most parts of the economy. Yet the most pessimistic view from the Fed is GDP down 1.3% ?? For the whole year!
It almost seems the economy is dropping this much per month. Certainly, employment dropped about 0.8% or 0.9% last month. Same in month before. The Fed must be expecting a quick bottoming for employment losses, then a year of stagnation at the bottom.
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