Positive News on COVID-19 Vaccines and Treatments
Rallied Stocks to Pre-Pandemic Peaks

Pandemic-Related Structural Damage to the Economy, However,
Promises a Troubled Recovery, With Meaningful Fiscal and Monetary
Stimulus Likely Continuing Beyond 2021

FOMC Will Maintain Its Emergency Monetary Expansion
For the Duration of the Economic Crisis, Looking to Boost Inflation

At Historic Highs, October 2020 Money Supply Continued to Surge

With Presidential Election Results Under Challenge,
Political Uncertainties Can Roil the Financial Markets

Democrat Control of Both the Congress and Executive Branch
Would Threaten U.S. Dollar Stability and Exacerbate Inflation Risks

October 2020 Employment Growth Continued Faltering in an
L-Shaped Economic Recovery

Headline October Inflation Remained Muted by the Oil-Price War

Third-Quarter 2020 Trade Deficit Was Worst in History