The 12-month view is cold comfort for those unemployed now.

Kaplan is president and CEO of the Federal Reserve Bank of Dallas, interviews by Reuters:

  • sees 'very difficult' 3-6 months, but optimistic about next 12 months
  • could see recovery stalling in December and q1 2021, but strong growth in 2h 2021
  • reluctant to make changes in asset purchases until more visibility on outlook
  • 'open-minded' whether fed should give more guidance on asset purchase plan at dec. mtg or at later mtg
  • says fiscal aid would help limit scarring, speed recovery

The Fed is doing what it can with the policy levers available to it. Congress has dropped the ball on further fiscal stimulus.