We have very little by way of data on how economies are faring yet, but they all seem to be faring similarly in terms of how much of a shutdown is happening and what it does to the economy.
However, not every government has the same amount of firepower available, I would say, so that varies a bit from country to country. Certainly in our case, as Ms. Wilkins just mentioned, we started this whole episode with our economy operating at full employment, at capacity, and inflation on target, which was not something that was shared by many other countries. Just as a person who's healthy and fit has a better chance of shaking off the COVID virus, a healthy and fit economy has more resilience as we go forward.
In that sense, the federal debt-to-GDP ratio is quite low, among the lowest, so I think we walked into this with that sense that we knew fiscal policy would be able to rise to the occasion, knowing full well that monetary policy had very little ammunition at its disposal.