The pandemic caused by COVID-19 brought an end to the long-running global expansion. February marked the official end of the U.S. expansion as severe job losses took hold in March and all states entered some phase of economic shutdown.
Both the Federal Reserve and Congress have acted in unprecedented fashion to stave off a financial crisis and support businesses and households. Reopening the economy will repair some of the damage but the road to a full recovery will be uneven and potentially drawn out. Uncertainty around reopening the economy and the availability of effective therapies creates a broad range of potential scenarios for the recovery.