The Newsletter

Vaccines continue to be administered and supply will likely open up, even more, starting in April. Consumers have been dreaming of a return to normal and we appear to be at the cusp. The result of vaccination could be an explosion of pent-up demand for hardest-hit industries and a much better second half than people expect. Still, strong demand is putting pressure on supply chains and creating inflationary pressures. Given that stimulus is dependent on a K-shaped recovery, normalization could bring its own economic disruptions.