[smileysteve]

But it should be possible for the fed to react to states opening, paycheck protection infusions, unemployment boosts, and stimulus checks.

Imo, once us states began reopening the fed should have carefully moderated their equity and qe buys maybe even selling positions they opened in April 2020 as early as July 2020. Combine that with vaccine timing around May 2021 where a single 50bps change could have eased in.