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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.

Continued…