WH adviser Kudlow: US suffering through a very painful economic contraction

Eren Sengezer FXStreet

The United States is suffering through a "very painful" economic contraction, White House economic adviser Larry Kudlow told Fox Business Network on Friday.

"I don't think the economy will get better in weeks immediately ahead but will eventually get better," Kudlow added. "I think the US will see a very strong economic recovery when this has played itself out."

Earlier in the day, Kudlow told Bloomberg TV that banks were ready to go on the coronavirus small business loan program.

Market reaction

Market participants paid no mind to these remarks. As of writing, the Dow Jones Industrial Average was virtually unchanged on the day while the Nasdaq Composite and the S&P 500 were up 0.25% and 0.1%, respectively.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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