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Capital Market Outlook

September 21, 2020


  • Macro Strategy — Cultivating an Economy of the Future The endogenous factors that drive U.S. business investment spending are mostly supportive heading into 2021, even with the anticipated weakness in aircraft and some areas of nonresidential structures.
  • Global Market View — One Key to U.S. Competitiveness: Automation and Immigration Reshoring could prove to be a supportive catalyst for future growth in U.S. output and earnings, driven in part by automation and immigration.
  • Thought of the Week — Hybrid Learning Effect on Back‐To‐School Retail Sales The pandemic affected back‐to school retail sales, which look different in composition and cadence than previous years, will largely in the end be flat with the previous year.

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