Happy August! The long days of summer are here, but it continues to be quiet in the markets. Inflation increased 6.1% at an annualized rate for the 2nd quarter of 2021, but the debate still continues if this will be “transitory.” Meanwhile, S&P 500 earnings are estimated to increase 82% year-over-year compared to 2nd quarter 2020 earnings which declined 32%. This provides a strong tailwind for higher markets, or at least quiet markets as the S&P 500 absorbs record earnings into stock prices. Of course, risks remain, including tax increases, fiscal expansion, and the COVID variant. But for now, we see mostly clear skies.
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