Succinct Summary: The last week of summer before labor day is usually one of the slowest weeks of the year but this year it feels like things are moving at an incredibly fast pace. Companies are looking to the future and beginning to permanently rationalize their cost structure. Business travel budgets are likely to be cut for a long time. Temporary layoffs are also becoming permanent. In the near term economic activity is still very strong though. We’re seeing a terrific end of the summer. And the Fed is hoping it stays that way in the fall.
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