The National Bureau of Economics Research (NBER) determines the dates of the U.S. business cycle turning points.Address the following questions (only the first paragraph is mandatory, the rest of the document is only recommended):

1. In which phase of the business cycle was the American Economy prior to February 2020? (Max. word count 50)

2. Which turning point did the American economy experience in February 2020? (Max. word count 50)

3. During the first and second quarters of 2022 GDP contracted. Was this a recession? (Max. word count 50)