Fed’s Kaplan Says Consumer Response to ‘Body Blow’ Will Determine Pace of U.S. Recovery

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The U.S. economy is likely to go through a significant adjustment after the coronavirus pandemic recedes as businesses evaluate how the crisis has reshaped demand for their goods and services, Dallas Fed President Robert Kaplan said in an interview.

Heading into the virus-induced downturn, manufacturing, trade and business investment were sluggish, and those sectors are likely to drag on growth after the virus recedes, Mr. Kaplan said. The bigger question is how consumer spending recovers “from somewhat of a body blow,” he…



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