While talks on the European stimulus deal are close to wrapping up, in Washington meetings begin today on formulating another fiscal package to counter the economics effects of the pandemic. Senate Majority Leader Mitch McConnell, Treasury Secretary Steven Mnuchin and others will meet in the White House later today with Republicans expected to produce a plan worth about $1 trillion. That number is far below the $3.5 trillion proposed by Democrats. House Speaker Nancy Pelosi said last week that she is confident that the GOP will ultimately agree on a figure that is closer to the Democrat target. (Bloomberg)
In the middle of March, when the world was falling apart, imagine if someone had said to you: "By June, household income will already be higher than it is now, retail sales will have fully rebounded, oh and housing will be booming." Back then, you would have probably said it all sounds like a V-shaped recovery. That's exactly what we got: total retail sales have basically erased all their losses, And total household compensation when you include unemployment insurance, is above pre-crisis levels. Strange times indeed..
It's a fairly blank state on the economic data front today, however, we're in the thick of earnings seasons: reports on tap today include Halliburton, IBM, and Phillips.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.