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Market Commentary – Q3, 2020

October 9, 2020

Feast or Famine

■ COVID-19 remains a critical health issue that is creating an uneven recovery across the U.S. economy and capital markets.
■ The Federal Reserve, Treasury, and federal government are making policy decisions that are dictating crucial capital flows, creating an abundance for some and a dearth for others.
■ Given the past few weeks, especially the first Presidential debate, the election appears to be heading towards a decisive victory for Democrats.
■ Even though equity valuations remain high and bonds yields low, a renewed commitment by monetary and fiscal policymakers will continue to flood the markets and economy with money, which should continue to support markets, but there will be winners and losers.