Fed's Daly: Far too early to judge how recovery is going

It's too early to tell if the rise in coronavirus cases will give rise to new shelter-in-place orders, San Francisco Federal Reserve President Mary Daly told reporters on Monday.

Key takeaways

"Penciled in a slow and gradual recovery."

"Estimates of full employment give guidance but it is important to learn about it experientially."

"Watching the data, it's far too early to judge how the recovery is going."

"Looking at caseloads and listening to guidance from public health officials."

"The outlook is very uncertain."

Market reaction

The US Dollar Index largely ignored these comments and was last seen gaining 0.06% on a daily basis at 97.55.