The news surrounding the pandemic continues to deteriorate in many countries despite vaccines starting to be approved. The U.S. will most likely approve one, if not two, vaccines this week, with essential health care workers and those most at risk expected to receive first doses as soon as late this week. The next few months will be challenging, but when we enter the second quarter, the outlook for putting the pandemic behind us should improve. It does appear that Congress and the White House are getting closer to approving a much-discussed stimulus deal of around $1 trillion. I expect this deal will get done before Congress leaves Washington for the year.
In the U.K., an elusive Brexit deal may get solidified this week, but negotiations have had their ups and downs for months now. Additionally, both U.S. equities and bond yields are poised to grind higher going into year-end as we wind down 2020.
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