The pandemic's 2nd phase could have a worse psychological impact, Nobel Prize-winning economist Robert Shiller warns

Get the Full StoryNobel Prize-winning economist Robert Shiller says a second wave of COVID-19 could cause more damage to the national psyche than the first outbreak.

"It might have a worse psychological response the second time," he told CNBC's "Trading Nation" on Tuesday.

The US reported a record 60,000 new cases of COVID-19 on Wednesday.

Shiller also warned the US economy could suffer once the Federal Reserve reduces its stimulus efforts.

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Investors have been debating whether the US economy is better prepared to ride out a resurgence in COVID-19 cases than it was when the pandemic first broke out.

Nobel Prize-winning economist Robert Shiller argued a second peak in infections could have a more negative impact on the American psyche than the first bout, especially if the virus prevents states from reopening.See the rest of the story at Business InsiderNOW WATCH: What it takes to be a PGA Tour caddieSee Also:US economy smashes forecasts, adds 4.8 million jobs in June as unemployment declines to 11.1 US weekly jobless claims hit 1.4 million, more than economist forecastsGiving people free money has kept 12 million people out of poverty and given the economy a crucial boost

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