Merrill: “Most of the slowdown occurred due to voluntary social distancing rather than lockdown policies” — Bill McBride

Summary:
This is an important note and suggests the economy is dependent on the course of the pandemic. Expectations. Calculated RiskMerrill: "Most of the slowdown occurred due to voluntary social distancing rather than lockdown policies"Bill McBride Related at CRMay 19 Update: US COVID-19 Test Results

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