Market Commentary

Q4, 2020


  • While COVID-19 remains a critical health issue, positive vaccine developments and abundant liquidity provided in 2020 boosted the prices of risky assets.
  • Government spending was going to be substantial regardless of the composition of the government, but the “blue sweep” by Democrats increases the odds of further fiscal and monetary accommodation for the foreseeable future.
  • The year is shaping up to be one in which Wall Street gets continued support from the Federal Reserve in the form of a zero-interest rate policy and quantitative easing, while Main Street is supported with continued checks from the government.
  • With a legitimate path to an end to the COVID-19 crisis, a key to navigating 2021 will be redefining normal – areas that we see as undergoing the most substantial transformation are inflation and real estate.

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