A unified Democratic Congress increases the likelihood of near-term fiscal stimulus in the US, although the timing and size remain uncertain. We currently expect $1.1 trillion in additional fiscal support to be approved between mid-February and mid-March, with risks to the upside. Although around 27% is expected to come in the form of individual payments, which may be paid out more quickly, much of the incremental spending may take longer to reach the economy.
Source: Goldman Sachs Global Investment Research. As of January 14, 2021.
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