The euro area is working on a response to the problems of Greece, but we can expect that a focus on sovereign risk will be a feature for some time yet. Periodic surges in concern are likely to be a recurring theme, and not just about the sovereigns themselves but about banks that might have exposures to them.
Most of my FOMC colleagues expect the economy to grow between 5.8 percent and 6.6 percent in 2021, and the median projection is that the unemployment rate will fall to 4.5 percent by the end of the year. My own expectation is for strong growth and a rebound in the labor force participation rate once the economy fully reopens.