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The Newsletter

Animal spirits are driving momentum across the economy, especially in capital markets. There’s hundreds of billions of dollars waiting to be invested via vehicles like SPACs. Valuations are extreme, yet they are justified by low interest rates. Meanwhile demand is exceeding supply in industries like semi-conductors, housing and transport. Companies are citing inflationary pressures. But the Fed and Treasury are united behind continued stimulus. “We have the tools to deal with that risk.”

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The Newsletter

Succinct Summary: Consumer spending remains strong and Black Friday was successful.  A third wave of COVID has made the near term outlook worse, but the medium to long term looks much brighter thanks to vaccines.  Tech spending continues to outpace overall GDP growth and probably will continue to surge after the pandemic is over. The driver of spending has moved from devices towards data infrastructure and management.

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The Newsletter

Succinct Summary: The Covid-19 pandemic is an unprecedented global challenge unlike anything that we’ve seen for 100 years. It is like a war with an invisible enemy. It requires coordination and cooperation from all of us. Many industries like airlines and restaurants are seeing their businesses disappear overnight. But the economic impact is nothing compared to the human impact if we don’t act. Hospital systems are already being stretched to their limits and the worst may still be ahead. Let’s hope not. Our best hope of averting that fate is to buy ourselves time via social distancing and break down regulatory barriers for potential treatments. (Go to Covidactnow.org to see how important social distancing is in the US).

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