Financial markets have outpaced recovery in the real economy, driven both by Fed balance sheet expansion and stimulative fiscal policy response. Stocks are at all-time highs even as 40% of jobs lost in the pandemic have not yet been recovered. Job losses have been concentrated in the lower-income ranges; many office workers transitioned to work-from-home. While renters are generally more financially burdened and vulnerable, much of the initial policy response to the pandemic has focused on homeowners.

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