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Language Notification

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

flight-taking-off

Perspectives

Fear and irrational exuberance or reconstruction and growth?

David Bailin

By David Bailin

Chief Investment Officer

January 11, 2021Posted InFixed Income, Investment Strategy and Equities

As Americans watched an actual assault of the seat of democracy on January 6th, equity investors remained remarkably sanguine.  Even as members of Congress fled the chambers of government, markets were steady.  In the face of a negative jobs report, more daily COVID deaths than have ever been recorded in the US and an electorate where 34% of voters do not trust the accuracy of the US election results (NPR/Marist poll 12/9/20), the bull market continues.  And as it does so, many investors flush with cash are waiting for a correction to add to portfolios or are sure the bull market is over.  

President-elect Joe Biden is set to take office Jan. 20 with a razor-thin majority in Congress.  Expectations for further fiscal stimulus have risen as a result.  Though there is fear of new taxes, a goldilocks scenario where rates would rise modestly is being presumed.  Vaccine distribution is likely to be accelerated and the development of new vaccines to mitigate the risk of new variants will be accelerated too.  Many believe equity valuations appear too high, even assuming all of these assumptions become realities.   What are their fears and are they justified?  Thus, this Bulletin!

Read the CIO Strategy Bulletin