Manufacturing will probably be the sector to bounce back because it's easier to socially distance workers in factories compared to service jobs, Philadelphia Fed President Patrick Harker told CNN's Richard Quest Wednesday.
Harker said while the Philadelphia Fed recently released a dismal index of current manufacturing activity, the future outlook was not that bad.
"It's best exemplified by one of our contacts who has told us that, yes, he's not producing right now, but people aren't canceling orders. They're just delaying the shipment. That's a good sign."
Harker isn't worried about investor appetite for U.S. debt after the Treasury Department said it will borrow $3 trillion just this quarter, but he believes when this crisis is over, some fiscal discipline will be called for across the U.S. economy.