Guest Commentary: Resilience in Weathering the Economic Storms
By David Stacey, Senior Vice President - Treasury Services The recovering economy was abruptly upended last February when fears of an obscure virus infecting a remote part of China blossomed into today's global COVID-19 pandemic. Contamination spread like a shock wave, halting the longest expansionary economic period on record. The Federal Reserve, U.S. Congress, and White House quickly united in a national nurturing effort, slashing rates, sending checks to most Americans, delivering benefits to those who were furloughed, and providing liquidity to businesses. Nearly 21 million individuals lost their jobs between March and April, shaking consumer confidence and prompting families…