Analysis: The global economy’s 2020 hangover is far from over

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Despite good news about Covid-19 vaccinations, a solid economic rebound and seemingly boundless optimism on Wall Street, we’re nowhere near out of the woods.

“There’s just as much uncertainty now, today, as there was in March 2020 as the pandemic was unfolding,” said Mike O’Rourke, chief market strategist at Jones Trading. The only difference, he says, is that investors now are swimming in easy money that’s allowed them to shrug off the grim headlines.

The Biden administration is doing what it can. On Wednesday, the White House announced a “90-day sprint” to unclog port congestion, shifting the Port of Los Angeles to a 24/7 schedule and leaning on the private sector to expand their overnight operations.

But the government can do only so much. The move to a 24/7 schedule is “low-hanging fruit,” said Geoff Freeman, CEO of the Consumer Brands Association. Ports overseas have been operating that way for months.

The problem goes much deeper than traffic…

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