Weekly Economic Report
Winter is Coming. COVID has breached the wall and is infecting hundreds of thousands a day globally. President-Elect Biden, like Jon Snow, would like to establish a grand alliance to address this newest threat and older issues. However, one key global power, China, which does not feel as threatened by the common enemy, is apparently going its own way – like Cersei. As with Game of Thrones, we know the outcome the media would like to see, but in reality, the future chapters for both the GoT books and the global economy are yet unwritten and may develop differently than expected. We note that the US economy continues to perform far better than predicted, despite a rising second wave of the disease. The prospects of a vaccine promise even more upside – but for many industries that lift will augment output that has already recovered significantly. Unfortunately, even a vaccine may not provide a cure for some industries who have seen their fundamentals altered forever.