Fed's Clarida: Unemployment rate is going to surge to levels not seen since the 1940 – CNBC

On a CNBC interview, Federal Reserve's' Clarida says we’re living through the most severe contraction in activity and surge in unemployment we’ve seen in our lifetimes.

Key comments

• FED'S CLARIDA SAYS RECOVERY COULD BEGIN IN THE SECOND HALF OF THE YEAR
• 05-May-2020 13:14:59 - FED'S CLARIDA SAYS WE'RE USING OUR FULL RANGE OF TOOLS, RATES, BALANCE SHEET, FORWARD GUIDANCE AND LENDING FACILITIES TO SUPPORT THE ECONOMY
• 05-May-2020 13:15:10 - FED'S CLARIDA SAYS WE'RE IN FOR A PERIOD OF VERY DIFFICULT DATA WE HAVEN'T SEEN FOR THE ECONOMY IN SOME TIME.
• CLARIDA SAYS UNEMPLOYMENT RATE IS GOING TO SURGE TO LEVELS NOT SEEN SINCE THE 1940s.
• CLARIDA SAYS THERE CAN BE A REBOUND IN THE ECONOMY ONCE BUSINESSES REOPEN AND PEOPLE RETURN TO WORK BUT IT'S GOING TO TAKE SOME TIME

More to come...