Fed's Clarida: Fundamentals of US economy are strong
The US economy is showing no signs of losing steam, US Federal Reserve Vice Chair Richard Clarida said on Thursday, in an upbeat assessment of the outlook that showed little alarm about the coronavirus outbreak.
"The fundamentals in the US are strong: sustained growth, strongest labor market in 50 years, price stability with inflation close to our goal," Clarida said in an interview with CNBC. "It's a good picture."
Economic data on Thursday showed factory activity in the US mid-Atlantic region expanded more than expected in February, with a closely watched business index from the Philadelphia Federal Reserve notching its highest level in three years.