US employment is still 7.6 million below pre-Covid levels


US employment is still 7.6 million below pre-Covid levels. The Fed will maintain an easy monetary policy (i.e., no interest rate hike) until there has been "substantial further progress" (which we interpret to mean employment levels only several million below pre-Covid levels). The leisure and hospitality industry should continue to rebound smartly in the second half of 2021 and the first half of 2022.