Cliff Notes - Kanye for President
September 3, 2020
In This Week's Update:
Last week saw more epic stock gains, on low interest rate policies from the US Fed and strong tech earnings. The S&P500 is now up 10% year to date.
Activity has started to normalize around the globe, albeit with renewed localized lockdowns to contain virus clusters. The unprecedented policy response has boosted risk assets. Europe has agreed on a historic recovery fund, but U.S. stimulus is now at risk of fading. Talks over the size and makeup of a new U.S. fiscal package have stalled as some key benefits expired and states face budget shortfalls. Our base case calls for a $2 trillion fiscal package that extends some federal stimulus measures through late-2020, but there is a risk no deal will materialize.
Another oft-mentioned risk is the US Presidential election. With both conventions now behind us the race has tightened according to RealClear polling, between Donald Trump and Joe Biden. Which got us wondering what happened to Kayne West’s much ballyhooed Presidential bid? At least the music on AirForce One would be better if he were elected – but would the tweets? Hmmm.
Read our full CliffNotes for market insights, charts, and views – along with commentary about US Presidential Elections and the market.