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Fed’s Mester warns reopening must be done ‘very carefully’ to avoid going backwards

May 8, 2020

Reopening the U.S. economy should be handled cautiously to avoid a second lockdown, said Cleveland Fed President Loretta Mester on Friday.

“There’s a possibility of opening up in the second half of the year, but it has to be done in a very, very careful way to avoid having to go backwards because that would be a devastating outcome,” Mester said, in an interview on the Wharton Business Daily radio program.

In a separate interview, top White House economist Larry Kudlow said government health experts were doing contingency planning for a possible second wave.

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