Substantial Further Progress Ahead?

Check out the accompanying pdf and chart collection. (1) Yellen wants US government to “act big.” Seriously. (2) Act II of CARES Act could be as stimulative as Act I. (3) Full economic recovery from pandemic recession one year later. (4) Another (bigger) round of government checks with fewer social-distancing restrictions. (5) No double dip so far in credit and debit card shopping or in gasoline usage. (6) Higher inflation and bond yields as the year progresses. (7) Five new voters on FOMC with consensus views. (8) The Fed’s new mantra: “substantial further progress.” (9) The Fed’s new FAITH. (10) Free advice to Powell & Co.: Beware of what you wish for.