The pre-Covid economy is not coming back, Fed’s George says

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The U.S. economy is not going to return to “normal” anytime soon and won’t look the same as it did before the coronavirus, a senior Federal Reserve official says. Esther George, president of the Kansas City Federal Reserve, said the pandemic will leave behind permanent changes in the economy. It might even significantly alter the manner in which the central bank sets U.S. interest rates. ” ‘Normal’ is likely to be elusive for some time, “George said in a virtual speech on Friday to American Enterprise Institute think tank in Washington, D.C. “The pandemic was a tremendous disruption that has affected every aspect of how and where people work, where they live, and what activities they engage in. Some of the changes coming out of the pandemic will persist and alter the structure of the economy.” George pointed to a surprising shortage of labor that has developed in the U.S. even though millions of people who had jobs before
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