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COVID school closures may slightly stunt U S economic growth: Fed paper
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Feb 11 (Reuters) - A slower-than-expected vaccine rollout and the rise of coronavirus variants may make attaining herd immunity against COVID-19 difficult, but that should not stop the economy from rebounding, according to a U.S. central banker Thursday.
“I don’t think the economy requires herd immunity,” Richmond Federal Reserve Bank President Thomas Barkin told Reuters Thursday. “Consumers who get vaccines, who have money in their pockets.are going to be free to spend,” he said.
Analysts have long predicted economic activity will pick up as more people are vaccinated, but hopes for a quick path to a fully immunized populace have faded amid vaccine shortages and other roadblocks. President Joe Biden said earlier this week it will be “challenging” for the economy to reach herd immunity by summer’s end. Barkin’s remarks signal a growing understanding that an economic rebound and an ongoing pandemic are not mutually exclusive realities.
Wall Street Set To Open Lower
Asian shares finished mostly higher, while European shares are trading lower.
As of 7.30 am ET, the Dow futures were down 46.00 points, the S&P 500 futures were declining 8.00 points and the Nasdaq 100 futures were sliding 21.75 points.
The U.S. major indices finished broadly higher on Thursday. The Dow edged down 7.10 points or less than a tenth of a percent to 31,430.70, while the broader Nasdaq and S&P 500 closed in positive territory. The Nasdaq climbed 53.24 points or 0.4 percent to 14,025.77 and the S&P 500 rose 6.50 points or 0.2 percent to 3,916.38.
On the economic front, the University of Michigan s Consumer Sentiment Survey report for February will be published at 10.00 am ET. The consensus is for 80.9, while it was up 79.0 in the prior month.
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