First wave of global tightening has already started….

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Huge Boost to the Economy Is About to Fade

The multiple relief packages enacted by Congress flooded the U.S. economy with cash, providing much-needed liquidity as the Covid-19 pandemic sharply reduced activity in multiple sectors including travel, hospitality, dining and entertainment. But as Neil Irwin of The New York Times notes Tuesday, most of the aid money was front-loaded, issued in a matter of weeks or months.

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