This has been a recession like no other. Lockdowns battered economic activity in March and April, while the reopening of the economy and government relief helped bring back some jobs and support numerous businesses and industries.
The major stock market indexes hit bottom on March 23, 2020.
One theme that stood out from the Fed’s meeting last week and Fed Chief Powell’s press conference which followed the meeting—the Fed is in no mood to talk about raising interest rates.
Last week the president signed the American Rescue Plan, which pumps another $1.9 trillion into the economy. That’s on top of the $900 billion passed in December and the $2.2 trillion CARES Act in March 2020.
One year ago, the World Health Organization declared the Covid outbreak a pandemic. Americans were beginning to stock up on staples, strict lockdowns were in the pipeline, and the economy and the stock market were in a tailspin.
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