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COVID-19 Risks Expose Vulnerabilities, Downside Risks to U.S. Outlook
The COVID-19 crisis has adversely affected the U.S. economy, helping account for a projected 3.4 percent contraction in 2020. The Congressional Budget Office (CBO) anticipates a strong 4.6 percent rebound in 2021, making up for those losses.
Systemic Risks, Interdependencies Weigh on 2021 Global Outlook
The path of economic recovery from the COVID-19 recession remains far from clear. A fitful rollout of vaccines and governmental responses to new variants of the virus loom over a global growth rebound that private forecasters estimate at 5.7 percent for 2021.
Policymakers’ Response to COVID-19 Can Draw on Great Recession Lessons
Central banks’ experience before and during the 2007–09 Great Recession suggests that they have ample tools to support the economy.
Fed’s New Inflation Targeting Policy Seeks to Maintain Well-Anchored Expectations
The Fed’s evolving understanding of the economy and its reassessment of the natural rate of interest have led to arguably the most significant policy change since 2012.