Economist Gruenwald: 'This is not a normal recovery'

Paul Gruenwald, chief economist at S and P Global Ratings says that the economy is being turned back on in the middle to late stages of the economic cycle, which is different from the standard exit from a downturn, raising questions about the impact and effectiveness of policy decisions going forward. Still, he remains constructive about the market, noting that the U.S. economy could come out of the pandemic without too much scarring, with reasonable growth rates -- much lower than current levels --with markets remaining reasonably calm as the economy gets sorted out. Also on the show, Minouche Shafik, director of London School of Economics and Political Science, discusses her new book, 'What We Owe Each Other: A New Social Contract for a Better Society,' and Christopher Zook, president of CAZ Investments, talks long-term thematic investing in the Market Call.