For its part, the Federal Reserve has effectively ensured the proper function of capital markets, according to Charles Scharf, Wells Fargo & Co.’s CEO.

“However, the economic recovery will not be smooth,” Scharf said on the bank’s July 14 call. “Much of the economy is still essentially closed. We’re just beginning to open, and additional restrictions are being implemented as the spread of the virus continues to increase in many areas of the world.”


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