Bad is good
If anyone might have been happy to see this short-term data, it's the Federal Reserve.
No doubt Fed Chair Jerome Powell, i.e. J-POW, has been brooding over his speech tomorrow, one that puts him in a particularly precarious position.
The Fed would like nothing more than to support the markets with additional stimulus. However, it's kind of difficult to take drastic measures when things are running so smoothly.
After all, this must be the only recession in history where instead of seeing assets plummet, we're seeing stocks shoot to record highs and a housing boom to boot.
It's not that everyone is doing well. There's a lot of pain and suffering right now, especially for those who are too poor and/or uninformed to benefit from this massive asset price inflation.
This article does a fairly good job of highlighting the negative effects of 2020. The graph below is a clear indication that it's not only the impoverished who are hurting.
