The former Fed official warned: if we don’t control the virus, the US economy may have a double dip

According to CNBC, former Federal Reserve official Lockhart warned that the U.S. economy appears to rebound from the contraction in the past three months this quarter, but if the new coronavirus epidemic is not well controlled, the U.S. economy may fall into a “double bottom”. “Double bottom” means that the U.S. economy is in recession after a short recovery. < / P > < p > Lockhart served as chairman of the Federal Reserve of Atlanta from 2007 to 2017 and is one of the well-known economists in the United States. Before Lockhart, American economist Esther George, chairman of Kansas City fed, and Stephen Roach, former chairman of Morgan Stanley in Asia, all made the same point. < / P > < p > since the outbreak of the epidemic, the decline of the U.S. economy and the number of unemployed people have attracted much attention. The U.S. Department of Commerce said the blockade measures taken to contain the epidemic caused the U.S. economy to plummet by 31.7% in the second quarter at an annual rate. This is the biggest quarterly decline in GDP in the United States since records began. < / P > < p > in addition, the US media mentioned that according to the data released by the US Department of labor, the number of people applying for unemployment benefits for the first time in the week ending August 22 exceeded 1 million, which is the 22nd time since Monday. < / P > < p > Lockhart believes that although the view of a double dip is pessimistic, this situation is very likely to happen, and the way to resist the worst comes mainly from the financial aspect, while the use of monetary policy is close to the limit.