“With the worst of the pandemic likely behind us, central bank-supported equity markets are unlikely to re-test their lows.”
Traders also looked past a warning from the head of the Federal Reserve that a full recovery would likely not come until next year, and a vaccine would be needed to get things back to normal.
“With the worst of the pandemic likely behind us, central bank-supported equity markets are unlikely to re-test their lows,” said Seema Shah at Principal Global Investors. “While restaurants are opening at minimal capacity and mall traffic remains depressed, traffic congestion is beginning to tick significantly higher, suggesting that people feel confident in leaving their homes.
That followed a warning from Fed boss Jerome Powell that the US economy could “easily” collapse 20-30 percent this quarter, and unemployment could peak at 20 to 25 percent — although he added “it should be a much shorter downturn than you would associate with the 1930s” during the Great Depression.
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