Fed’s Esther George sees risks building of double-dip recession

FAN Editor

Kansas City Federal Reserve President Esther George said the recession that began in February could revisit the economy if the coronavirus pandemic intensifies.

The central bank official told CNBC in a Wednesday interview that the resurgence of Covid-19 “is an important risk to that outlook.”

However, she said the baseline is “we’ll continue to build growth.”

“We’ll continue to monitor that carefully to see whether that plays out,” George said regarding a second leg of recession.

George spoke to CNBC’s Steve Liesman at a virtual version of the Fed’s annual Jackson Hole, Wyoming symposium, which the Kansas City Fed hosts.

The conference comes at an important time for the central bank, as it plots the path ahead after growth collapsed in the second quarter due to measures aimed at containing the virus.

This is breaking news. Check back here for updates.

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