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Market Commentary – September 2020

Carte Blanche

Markets continued their impressive run through August and into early September before pulling back modestly.

At its “Jackson Hole” Economic Policy Symposium, the Federal Reserve formalized its shift toward a policy that is more
tolerant of overheating markets and inflation levels above 2%.

The election will increasingly take center stage, but fiscal and monetary support will likely continue regardless, which
should help mitigate tail risks but may raise the specter of future inflation.