Slightly over a year ago in early 2020, the United States was in a good place economically. The economy was coming off a year in which real GDP grew 2.3% and the unemployment rate was at a historical low of 3.5%. The economy was poised for another strong year and President Trump was confident that he had Made America Great Again. And then the world came to a halt. The Covid virus hit the shores of America and the U.S. economy went into lockdown. As had been the playbook in the Great Financial Crisis of 2008, the Federal Reserve stepped in, dropped rates to zero and unleashed a series of monetary support programs the magnitude of which we have never seen before.
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