Fed's Harker: Sees 'brutally painful' second quarter

Philadelphia Federal Reserve Bank President Patrick Harker is crossing the wires and has said that banks should not issue large dividends at the moment.

Key comments

• Sees 'brutally painful' second quarter.
• Says US economy will underperform until virus is under control || fed is considering facilities that would lend directly to colleges, non-profit.
• Says could see robust growth in 2H if US economy reopens in June with smart measures to contain virus || says that without effective mitigation measures, economy could severely contract again in 2021.

More to come...