The Federal Reserve repeated in minutes of its January meeting released on Wednesday that fiscal and monetary policy in a pandemic cannot by themselves throttle a pathogen. It will take ample supplies of vaccines and herd immunity to return to the “before” times. Vaccines, masks and social distancing, mixed with aid from Congress, could improve the economic outlook, according to the nation’s central bank (The Washington Post).
Ahead is a fast-moving legislative timeline as the House returns to Washington next week eager to adopt by the end of February a relief blueprint that mirrors the president’s plan. Racing to get ahead of expiring unemployment relief programs, Democrats hope to clear a mammoth bill by mid-March in the Senate without losing a single Democratic vote. Easier said than done.