COVID-19 has left the U.S. and global economies in tough shape. After a steep decline in economic activity that began in February, the economy added 2.5 million jobs in May. Lost in all the celebration were 295,000 more workers—and over 1 million over the last three months—were classified as permanently unemployed. The Federal Reserve does not expect the jobless rate to fall to pre-recession levels until at least 2023. Chairman Jerome Powell and his colleagues may be committed to doing “whatever we can” but even their much-expanded toolbox may prove not adequate—especially if a second wave of infections takes the ... (full story)