Even if output growth decelerates in the months ahead, it should remain well above the economy's long-run potential.
This supercharged recovery has been characterized by strong economic and productivity growth.
There are two broad possibilities for why this is happening.
The pandemic has changed the economic landscape.
As the economy recovers from the pandemic, the housing industry is booming.
For investors, the jobs mosaic still suggests fast-improving economic activity.
Investors need to be prepared for the risk of a more significant surge in inflation and taxes in the years to come.
A double-dose of vaccines and fiscal stimulus should make 2021 a spectacular year for economic recovery.
It has been, by any reasonable measure, an eventful first quarter.
Investors will need to remain vigilant in case policy makers miss the vital step of getting the economy to simmer down.
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