It was the latest sign that consumers, whose spending is the primary driver of the U.S. economy, are hunkered down
GDP contraction in 2020 was the largest in 74 years
Sales rose to 6.48 million for 2020, the highest level since 2006
The government's shortfall is a record-breaking $572.9B
The increase was the largest in four months
Newly released transcripts show that many Federal Reserve officials had concerns at the time
The bank warns of a decade of “growth disappointments” without comprehensive policy reforms
Inflation has been dormant for most of the past decade, allowing the Fed to push interest rates to ultra-low levels
Since June, the Fed has been buying $120 billion in bonds each month
The decline reflected a big drop in consumer expectations for income, business and labour market conditions