With the pandemic still ravaging across many parts of the globe and economic activity still muted, the outlook for the future remains quite uncertain. We know that this uncertainty is compounded by the upcoming US Elections and geopolitical tensions worldwide across a myriad of issues, from trade, climate change to Hong Kong and North Korea. Thankfully, governments and central banks around the world are committed to using all tools at their disposal to support recovery efforts through a mix of both fiscal and monetary stimulus. The Fed has seen a combined US$3T of balance sheet increase since the pandemic started. There are some disproportionate and contrasting scenarios though – while COVID-19 cases in the US are still rising, the tech-heavy NASDAQ has reached an all-time high, and the S&P 500 is actually close to regaining levels prior to the pandemic. Perhaps it could be the better than expected economic data

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