It could take years for swathes of the world to join the U.S. and China in fully recovering from the pandemic.
McKinsey sees the potential for a 1 percentage-point acceleration in annual productivity growth over the next four years.
President Biden's jumbo tax and spending proposals could lead to inflation, ballooning corporate leverage and recession.
Spurred by low rates, businesses have splurged on debt, raising insolvency risks.
Up to 17 million Americans, mostly low-wage hospitality and retail workers, will need new jobs.
Powell in the past has flagged the dangers that elevated asset prices and other vulnerabilities pose to the economy.
Short-term interest rates could sink below zero as the Treasury reduces its cash stockpile at the Fed.
A number of prominent economists and former policy makers have raised questions about the size of the package.
The tentative improvement comes as Biden’s mammoth package runs into opposition from some lawmakers.
Former Fed Chair Janet Yellen is reportedly under consideration to be Biden’s Treasury secretary.
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