While real GDP in Q2 plummeted at a record annualized rate, there is broad consensus among economists and market analysts that a sharp rebound is likely for Q3. The broad re-opening of the economy over the past few months created momentum that carried through July. Retail spending recovered strongly and the business sector showed expansion again, too.
In the equity market, recovery continued from the March lows as investors remained optimistic. There is an emerging disconnect between the market’s sanguine outlook and the gloomier prospects for a worsening pandemic. A fresh batch of fiscal stimulus would be welcome, but investors should continue to stay focused on their long-term goals.
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