With the signing of President Joe Biden’s $1.9 trillion American Rescue Plan Act of 2021 (ARP), Congress has passed the second-largest U.S. spending package in history. Importantly, most of this spending will take place this year and is geared toward the demand-side of the U.S. economy. In this Economics Weekly, we highlight what we view as some of the key features of this legislation from a very top-down macro level.
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Richard de Chazal, CFA is a London-based macroeconomist covering the U.S. economy and financial markets.