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On Monday, Evans, the president of the Federal Reserve Bank of Chicago, said that it's "reasonable" to expect the economy to begin growing in the second half of the year after what's likely to be a historic drop in the second quarter. But he cautioned that a pickup in economic activity will be "slow" at first because of continued social distancing guidelines and other safety precautions.
“Social distancing may be needed for quite some time, depending on the success of testing and tracing, depending on the success of testing and tracing," Evans said in prepared remarks for a virtual meeting of the Lansing Chamber of Commerce. "For some, it may even be necessary to keep these arrangements in place until a vaccine is available."
Evans, 62, has served as the Chicago Fed president since September 2007.
Before that, he worked as a director of research and senior vice president, supervising the bank's research on monetary policy, banking, financial markets and regional economic conditions. His research has also included measuring the effects of monetary policy on U.S. economic activity.
Before working for the Chicago Fed, Evans taught at the University of Chicago; the University of Michigan and the University of South Carolina.
He received his bachelor's degree from the University of Virginia and a doctorate in economics from Carnegie Mellon University in Pittsburgh.