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Capital Market Outlook

September 28, 2020

IN THIS ISSUE

  • Macro Strategy — Commodities Benefiting From Reflationary Policy We continue to believe that the aggressive monetary/fiscal stimulus in response to the pandemic is consistent with a synchronized global expansion, softening dollar and continued uptrend in non‐energy commodity prices.
  • Global Market View — Will Coronavirus Upend the Emerging Market Consumption Story?  The pandemic has dealt a serious blow to the emerging market consumption story and could represent a drag on global growth and corporate earnings well into this decade.
  • Thought of the Week — A Resilient U.S. Household  The economic expansion could be stronger than the recovery out of the last recession.

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