In sum, we see the U.S. economy on an encouraging path as industries reopen. It is worth reiterating that we have some distance to travel before the economic damage wrought by the pandemic is retraced – in international macroeconomic parlance, the flows are going the right direction, but the stock is still much too high. Moreover, further fiscal support for consumers and industries will be key to the durability of the recovery and every day that passes without renewed Federal aid will add additional permanence.
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