Quarterly Review & Outlook-3rd Quarter 2020

The secret to hitting a bullseye is not telling anyone where you are aiming.
‐ Mammoth Cave tour guide, 8th grade field trip

The key word for 2020 is “novel.” The novel coronavirus sparked a novel downturn and the policy response revealed a novel approach for fighting recessions. Novelty can be exciting, but in the context of a pandemic is exhausting. News flow has been messy and sometimes conflicting, requiring patience and diligence to cobble together a reasonably accurate view of reality.

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