Ben Mohr, CFA
Director of Fixed Income
While the recent approval and rollout of the Pfizer and Moderna vaccines would be expected to assist in the gradual economic recovery from the COVID pandemic, the Federal Reserve emphasized last week that approximately six months of both monetary and fiscal stimulus are needed to bridge the gap between now and adequate vaccine distribution to support herd immunity by 2H21. As such, Congress over the weekend finally reached an agreement on an approximate $900 billion fiscal stimulus package, and after passing through both houses Monday, President Trump is expected to sign it into law today.
The package includes aid for many Americans including $300 per week in federal unemployment benefit enhancements and $600 individual stimulus checks, as well as support for small businesses, healthcare, transit, schools, and vaccine rollout. In this paper, we will begin with an assessment of the stimulus packages to date, followed by highlights on key aid to individuals, businesses, and governments in this latest package. Next, we will discuss an interpretation and analysis of this relief deal in the context of key financial market and economic indicators. Finally, we will conclude with a look to next steps.
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