Equities: The market is behaving as if the coronavirus problem is all but gone. The assumption is that the vaccine will be available soon, will be effective, and most people will be inoculated. There is, however, a substantial risk associated with each of these assumptions.
• Vaccine timing remains uncertain.
• COVID vaccine effectiveness and the immune response longevity are unknown at this point.
Credit: Corporate loan balances at US banks continue to shrink as companies pay down their drawn credit lines.
Energy: OECD oil demand peaked some 15 years ago and is expected to keep falling.
Eurozone: Here is the distribution of Italy’s trade with the US.
United States: A weaker US dollar and the stock market rally have significantly eased US financial conditions.
Food For Thought: Support for Obamacare:
Edited by Devon Lall
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