As our annus horribilis draws to a close, the craving is palpable for an annus mirabilis next year to make up for it. Many prospects are indeed bright: the record-breaking development and initial distribution of coronavirus vaccines; a new aid package ultimately signed by the outgoing American president; the conventional manner of his successor. All promise that a return to some sort of “normal” is at hand. We have paid a heavy price for such a return, in both human and financial terms. Yet much of what the pandemic changed will not revert so simply. In fact, some long-term shifts in how we live and work will likely accelerate further. And even as the rhythms of our personal and business dealings revive, certain structural headwinds to the U.S. economy will persist—and with them, a degree of secular stagnation.
Quarterly Market Outlook
The Clear Harbor Market Outlook is a quarterly market update.