Economic Year in Review

Chris Low, Sophia Kearney-Lederman, and Will Compernole
2021: Pivoting in Place

The first half of 2021 was characterized by vaccinations, stimulus, reopening, and optimism. But in the second half, “post-pandemic” optimism receded as new variants held back labor force participation and further constricted already backed-up supply chains. Inflation rose rapidly throughout the year, originally thought to be temporary but proving persistent. The Fed shifted its priority by the end of the year to fighting inflation, speeding up tapering and hinting at three rate hikes in 2022.

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