1. It's really quite impressive to pack so many questionable (I'm being kind) assertions into a single tweet, but this is typical of a lot of commentary over the past couple weeks. So let's take it apart...

https://twitter.com/LHSummers/status/1627059618877939714

2. "Demand is super strong". Well, final domestic demand rose at a magnificent 0.8% annualized rate in Q4. So, super not-strong. Sure, some of the Jan data are strong, especially payrolls, retail sales and manuf output...

1. The good news is that the US Covid numbers overnight continue to show cases, hospitalizations and deaths falling fast. The 7-day average number of new cases is now down 59% from the peak. But… 2. The bad news is that the UK variant, B117, now accounts for 4% of US cases, including 10% in Florida. much more infectious than old Covid and there's no way the existing restrictions across the US can keep it at bay...
h/t @DrEricDing and @my_helix

1. Bloomberg @business just reported that Florida cases rose 3.0% today, below the 7-day average, 3.7%. This is good, right? No. Like many other places, FL cases vary across the week in a reasonably consistent pattern because of reporting delays over weekends. 2. Mondays are usually low-increase days for Florida. The bad news is that today's 3.0% increase compares to 2.3% Monday last week and just 1.5% the previous week. This is what matters. This is why the 7-day average number of new FL cases has risen for the 21st straight day...