The COVID-19 pandemic is a global health crisis that has also become a global economic crisis.  It was announced on Thursday (3/26) that a record 3.28 million workers applied for unemployment benefits last week.  The number of Americans filing for claims was nearly five times the previous record high.

The economic damage for the next 1-2 quarters, minimally, will be great especially for the leisure, travel and energy industries.  How much further beyond that and how quickly the economy will recover will be a function of whether the unprecedented fiscal and monetary policy that has been provided will limit the damage done to a temporary event or is the damage permanent.

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