The U.S. economy is likely to be able to avoid the worst outcomes that were feared in the wake of the coronavirus pandemic, said Randal Quarles, the Fed’s vice chairman for banking supervision, on Wednesday. “A recovery is underway and the world seems to be adjusting in ways that allow us to address public concerns about the virus without sudden stops in economic activity,” Quarles said, in a speech to the Institute of International Bankers. Quarles said there are signs of the beginnings of a strong recovery but noted it will take a long time to fully recover from the shock. He said he agreed with Fed Chairman Jerome Powell that it will take continued support to sustain a robust recovery.
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