America has embarked on the long road to recovery following the pandemic lockdown, but the path back to a healthy economy is littered with obstacles, according to Goldman Sachs' CEO David Solomon.
"It will be a very very bumpy ride economically," Goldman Sachs CEO David Solomon said Wednesday during an event with the Economic Club of New York.Parts of the economy have shown signs of improvement in recent months, with the unemployment rate falling from its April peak and retail sales bouncing back. But this rebound could fizzle out in the coming months, Solomon warned."Even if -- in the best case scenario -- that the virus is eradicated or much more controlled [...
"I think the economic scenario is uncertain [and] concerning, and I think markets are disconnected from that at the moment."The Dow and the S&P 500 closed higher Wednesday afternoon. The Nasdaq Composite , which also closed up, hit a record high on Monday.While Solomon views Washington's policy response as both strong and appropriate, he said more stimulus should be provided -- even at its high cost -- to avoid a worse situation later.
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