

Fourth-Quarter 2020 Market Commentary
AFTER AN UNPRECEDENTED 2020, the upcoming year appears to offer a relatively tame outcome, but only because of how much last year deviated from the norm. In our view, 2021 will experience significantly more impact-producing events than most. Not only will the economy fully reopen following the rollout of the COVID-19 vaccines, spurring significant changes in behavior and economic activity, but new presidential and Senate leadership will drive a shift in agendas with far-reach