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After beginning the quarter on a relatively upbeat note, familiar themes returned as fears of inflation, ambiguity over the end of the pandemic, and uncertainty about the future of Chinese capitalism raised concerns for investors. Markets vacillated between these concerns and cautious optimism for economic growth emerging from the pandemic. As a result, many markets ended the q ...

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By John McCrary, and

As the global economy continued to reopen and the recovery gained speed, markets reached new highs. Inflation rose significantly, but prospects dimmed for a sizable infrastructure bill. Thus, some major trends from the first quarter reversed: bond yields fell and value stocks underperformed as the Fed tried to rein in inflation expectations. Despite some mixed signals from the ...

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By John McCrary, , and

Despite extensive economic and human costs, 2020 may be a turning point in multiple ways. The speed of the U.S. economic recovery indicates that the U.S. economy is far more resilient than previously acknowledged. The rapid development of a coronavirus vaccine showcased the astonishing capabilities of modern biotechnology firms financed by governments and capital markets. In addition, this year’s innovations in fiscal and monetary policy might become a new standard. Much hinges on whether the Biden administration can implement its agenda of accommodative fiscal policy and strict climate change regulations...

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