Magazine : Archives : 4th Quarter 2020

Market Intelligence

A Fragile Economic Equilibrium The longer the recession and pandemic last, the easier it is to think that the worst is behind us — at least insofar as the economy is concerned. That may be wishful thinking. It’s possible the economy will rebound sharply once everything opens up, fueled by pent-up demand, but it’s also possible that it will fall off a cliff. To appreciate the fragile economic equilibrium we’re facing, one must appreciate the trends in consumer spending — more specifically, how different income groups have altered their spending over the past nine months. Right after the federal government...