Q2 2020 showed a constant push and pull of two opposing forces.
Unemployment was expected to worsen from 14.7 to 19 percent. Instead, it improved to 11.1 percent by June.
Q2 was strong for consumers, with a retail surge in May and June.
While a remarkable rebound, how much was due to inflated unemployment benefits that expired in July?
The Fed has committed to being the lender of last resort.
The Fed’s message: “We’re not even thinking about thinking about raising rates.”