Fed Kaplan: He will revise down 3Q GDP because of covid

Dallas Fed President Robert Kaplan says that the covid resurgence is having an impact on travel hospitality leisure and said he will be downwardly revising third-quarter Gross Domestic product estimate because of covid.

Key comments

Says will be downwardly revising third-quarter GDP estimate because of covid.

 Says now see full-year GDP growth at 6%, vs prior 6.5%.

Says he expects to see slower job growth ahead.

Says he expects headline PCE reading to be in range of 4%.

Says expects PCE inflation to be 2.6% next year.

Says still expects next year's GDP growth to be 3%.

Says economic recovery will occur in fits and starts because of covid.

Says he is struck by the resilience of the consumer, adapting through covid.