“50-mile-an-hour headwinds.” That is a quote from “Maestro,” otherwise known as Alan Greenspan, Chairman of the Federal Reserve from 1987 – 2006, under 4 presidents. He made that comment about the economy as it was struggling to come out of a long forgotten recession, before the dot-com crash, before the sub-prime mortgage collapse and before Covid.
The quote seems appropriate now to what the economy is facing; A contested election, the senate hanging in uncertain balance, Covid cases on the rise and unprecedented restrictions being placed on businesses and individuals.
In addition, there are some “structural” forces at work that might overcome the normal, seasonal rise that markets typically see this time of year.
For the latest update and analysis, see this week’s video analysis.