March 19, 2021—All’s quiet (for now) on the inflationary front. While we project a lift in the next few months, take it with a grain of salt, as the year-over-year comparison is to a pandemic-induced economic shutdown. Down the road, we anticipate higher inflation approaching 3%, but risk is to the upside—as we expect an improving economy and a largely vaccinated nation back in stores, with money in their pockets.
March 10, 2021—The overall stock market has been treading water for a few weeks, with the S&P 500 suffering modest setbacks of 3%–5% since the start of the year (and no pullback of 10% or more since the March 2020 crash). Overall market volatility has picked up with fits and starts but has averaged much less than in 2020.
March 8, 2021— Special purpose acquisition companies (SPACs) have been around for decades but gained wide recognition in 2020 as an increasingly popular, alternative method of going public following a surge in initial public offering (IPO) and merger activity. In 2020, 248 new SPACs came to market, encompassing 53% of all IPOs for the year, and raised a cumulative $83 billion—more than five times 2019’s volume (Figure 1).