• Concerns about the Delta variant are growing, but vaccine penetration rates are picking up in the US, with 27 states reporting a jump of 30% or more in the two weeks ending August 2.
  • If the US timeline for case surges follows the timeline we’ve seen in the UK and India, the Delta variant may run its course more quickly than markets expect.
  • While sentiment has certainly reset and we may get a bit more consolidation and chop before the end of the summer, we still expect to see higher prices by year-end.
  • We see eight specific tailwinds that may act as catalysts, starting with the child tax credit checks, indications of wage gains and stronger household balance sheets.
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This material is provided for informational purposes only and should not be construed as investment advice.

The views and opinions expressed are as of August 2021 and may change based on market and other conditions.

All investing involves risk, including the risk of loss. Investment risk exists with equity, fixed income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided. Actual results may vary.


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