Alternatives Update 3rd Quarter 2020

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Alternatives Update 3rd Quarter 2020

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The third quarter of 2020 was a continuation of multiple trends from the second quarter: strong capital market returns, continued injections of liquidity from global central banks, supportive rhetoric and action from the Federal Reserve (the "FED"), calls for more fiscal stimulus and generally positive economic and sentiment data. The economic recovery looked to be more "K-shaped" in which part of the economy has done reasonably well and part of the economy saw no improvement or declined, thus prompting calls for targeting lower income levels in the next round of fiscal assistance. The U.S. federal budget deficit for the fiscal year ending 2021 is projected to be over $3 trillion with total debt exceeding the entire U.S. GDP. Neither side of the political aisle seems particularly concerned about this and so the grand Modern Monetary Theory (MMT) experiment continues. Special purpose acquisition companies (SPAC) or "blank check companies" continued to have a moment as several came to market with investors in a quasi-frenzy to give them funding, while technology and growth dominated style returns in the zero interest-rate policy (ZIRP) environment.

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Posted on Thursday, October 29, 2020 @ 10:04 AM • Post Link

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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.

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