Major league baseball in South Korea is back and they are playing. But league officials in South Korea have said that if one player there gets Covid-19, the entire league will shut back down—for three weeks. Wonder how that will work out.

Davis thinks it is unlikely that labor market tightness will return to anything like its 2019 levels before 2023. But he says the dramatic policy responses around the world are encouraging.

An index of financial conditions that Vanguard tracks closely “has stabilized much more quickly than it did” during the financial crisis a decade ago. In the long run, the Fed should theoretically need to unwind its balance sheet, a process some have called quantitative tightening (QT).

But in the cycle just ended, that first attempt at QT began in 2018 and died a stillborn death in 2019, even before the pandemic surfaced. One suspects it could meet a similar fate this time around.

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