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December 23, 2020 | Majestic Overshoot of Stimulus Money Ended. Faced with Second Wave, Americans Cut Back, Even on Durable Goods
Wolf Richter On his site WOLFSTREET.com, Wolf Richter slices into economic, business, and financial issues, Wall Street shenanigans, complex entanglements, debacles, and opportunities that catch his eye in the US, Canada, Europe, Japan, and China. He lives in San Francisco.
Consumers are starting to run out of artificial steam. The free Pandemic money has been dropping for months and in November nearly faded out. For the first time since April, consumers spent less all around; they spent less on services, nondurable goods, and even on durable goods, which had been spiking in astounding manner.
By: Doug French
Between the Federal Reserve, Congress, and covid, navigating the business cycle is equivalent to sneaking through a house of mirrors. The stock market is making new highs as unemployment rates do the same. Thousands line up for free food and soon will do the same to be vaccinated. The nation’s governors tighten restrictions by the day while the Federal Reserve remains loose in its monetary operations.
Wolf Richter of Wolf Street has split the US economy into “the weirdest economy ever” when writing about the trucking boom and Online sales and “the most distorted economy ever” when addressing the record low junk bond yields.