Big positive numbers for growth — but remember the level matters.
Yesterday, I had the pleasure of joining a virtual panel sponsored by the Official Monetary and Financial Institutions Forum (IMFIF), is think tank covering central banking, economic policy and public investment.
In terms of Covid-19 challenges. From Goldman Sachs today:
Today, we are pleased to present a guest contribution written by Jon Frost (Bank for International Settlements), Hiro Ito (Portland State) and René van Stralen (De Nederlandsche Bank). The views expressed represent those of the authors, and do not necessarily represent those of De Nederlandsche Bank, or any other institutions the authors are affiliated with.
On the 38th anniversary of Vincent Chin’s murder. From Politico:
President Donald Trump’s top spokesperson on Monday defended his use of the term “kung flu” to describe the novel coronavirus has sickened millions across the globe, asserting that the president was merely trying to emphasize the virus’ place of origin in China.
“The president does not believe that it is offensive to note that this virus came from China,” McEnany said Monday when asked about Conway’s condemnation of the term.
The shape of the recovery, when it comes, depends on the answer.
New cases are rising in some counties. Those counties account for a substantial share of US GDP.