Quarterly Review & Outlook-4th Quarter 2020

If you’ve got the money, honey, I’ve got the time.
‐ Lefty Frizzell

We would all prefer a world without COVID, but the pandemic and subsequent policy response appear to have sowed the seeds for a new, sustainable business cycle. The CARES Act earned a spot on the short list of successful legislation for which neither party wants credit. The Federal Reserve is committed to avoid snuffing out the post‐vaccine recovery. Both occurring at the same time may usher in a new era for policy, with fiscal and monetary aligned to drive demand back to its pre‐recession trend.

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