On March 20th, we discussed the three areas that policymakers will need to focus on to support the U.S. economy going forward: monetary policy, fiscal policy, and public health policy. In our view, these three policy realms make up the “three-legged stool” of economic stability. Last week, the Fed announced two new credit facilities and a move into the high-yield bond market. With these developments in mind, we revisited the monetary policy “leg” of the stool in the latest edition of Gerry’s Journal.

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