While the official announcement is months away, it’s clear the U.S. economy has fallen into a sharp recession. The questions now are how deep and how long the recession will be as the fight against COVID-19 has halted economic activity. Extraordinary stimulus efforts from the federal government and the Federal Reserve should help to soften the blow for many businesses and consumers. A slow restart later this year and a sharp rebound in 2021 is expected, but there’s a reasonable chance social distancing mandates could hold back economic activity for longer than that.
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