Hazmat Market - July 2020 Monthly

A barrage of potentially negative catalysts have so far failed to derail equity markets. The market is cloaked in a Hazmat suit that not only protects it from rising virus cases, but also from re-imposed lockdowns, job losses and bankruptcies. The suit was gifted to the market by the Fed, which remains the main guarantor of the market’s health. Markets currently have no reason to fear that a resentful Fed will demand its gift back.