A rush to open the economy could cause a second wave of infections, even as the Corona curve is flattening and possibly rolling over.
Until a therapeutic is developed, and there are promising drugs on the horizon, there is no need to rush the economy back into action.
The Fed's announcement came this morning as the three-week total of initial jobless claims topped 16 million. That would be the very policy mistake that takes the excellent work of the U.S. Treasury, the Fed and Congress and throws it out the window.While true that Italy and Spain are seeing a slight reprieve in the number of infections and deaths, and New York is following a similar pattern, the respite may only be temporary.A rush back to work and play could, at least at this juncture, cause a second wave of infections, even as the Corona curve is flattening and possibly rolling over … for now.
Having discussed infectious diseases with Gates, over the course of my career, his is the voice I trust the most, even above those whose jobs in government are to track and treat diseases of all stripes. I am not an epidemiologist, nor am I an infectious disease expert, however, the Fed is offering us, almost quite literally for free, the ability to weather this biologic storm without having to risk our health, or our lives, in a drive to return to normal.While it's tempting to pretend that all is normal, it remains too risky to return to a life we knew weeks ago.
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