More Stimulus Coming

The market has been trading on the likelihood of a new stimulus bill from the Federal Government. Even if we do not get a Federal bill at this time, there is almost definitely a large stimulus coming at the latest by January with the seating of the elected government.

On the more impactful side, we are about one third through earnings reporting season. While the current third quarter earnings of -20% versus last year sounds horrific, it is up meaningfully from the second quarter which was down -32%. A full recovery is expected in late next year or early in 2022.

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