INVESTMENT COMMENTARY – FIRST QUARTER, 2021
The US economy contracted by 2.3% last year as a result of the pandemic. Economic activity dropped precipitously in late March of 2020 and then rebounded strongly in the 3rd Quarter. Much of the contraction obviously related to the curtailment of in-person activities such as dining, travel, and entertainment. Consensus forecasts, which assume the vaccines protect against COVID variants and prevent another wave of infection, call for the economy to grow 6-7% this year. However, we expect the economic recovery to exceed expectations due to pent-up demand...