Over the last six weeks, I’ve referenced the “three-legged stool” of economic recovery: monetary policy, fiscal policy, and public health policy. In our view, these three distinct policy points form the foundation of our nation’s (and the world’s) COVID-19 recovery effort. As this pandemic has evolved, we feel it is now time to retire the “three-legged” analogy and begin to view monetary policy and fiscal policy as one – now under the broader scope of economic policy.

To that end, last week we received an important update on the fiscal component of our nation’s economic policy, and in this installment of Gerry’s Journal, I share the key takeaways from last week’s legislation and some thinking on what this means for the speed of economic recovery moving forward.

If you have any questions or concerns about your investments, the markets, or the ongoing response to the pandemic, please don’t hesitate to contact us. We’re here to support you during these challenging times.