• Markets may be underappreciating the depth of support that fiscal stimulus and monetary policy has provided to markets in light of the COVID-19 pandemic.
  • Positive signs of an economic reopening include modest recoveries in spending and employment and a recovery in mortgage applications.
  • Janasiewicz remains optimistic that beaten-down cyclical sectors will continue to perform in the near term, as the market continues to get comfortable with the prospects of a successful reopening and the related recovery.
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