(Reuters) – Dallas Federal Reserve Bank President Robert Kaplan said on Tuesday he was “cautious and concerned” about downside economic risks in the short run because of the resurgence of the coronavirus, but more optimistic in the longer run.

“The next two quarters are going to be very challenging, very difficult,” Kaplan told Bloomberg’s Future of Finance virtual conference. But once a vaccine comes in, he said, he expects stronger growth, and business contacts have told him they are gearing up for a stronger second half next year.

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