Market Overview - July 2020

After a broad-based run-up in all major asset classes in 2019, the turning of the calendar to 2020 has been decidedly different. The 1st quarter ending in March witnessed a sharp downturn across all asset classes as government entities across the globe shut down their economies due to Covid-19 concerns....In the short run, the tsunami of liquidity resulted in a sharp increase in all asset classes across the board. On the other hand, the U.S. is also left to manage a June budget deficit equal to the nation’s cumulative budget deficit incurred between 1789 – 1980. Cui bono?