The US Federal Reserve pumps out an endless stream of zero interest rate money to finance the Government’s deficit spending. The handouts make most American workers better off financially during the pandemic than before. Meanwhile, the stock market soars. Not bad for the worst pandemic in 100 years. What can possibly go wrong?

Global equities look likely to push higher in 2021, despite the pandemic’s economic and human toll.

Yield curve steepening – which has been accelerating in recent weeks as the market contemplates a whopper of a stimulus package under a possible Biden White House – is likely to continue regardless of the winner on November 3.