Pro Perspectives 11/13/20
November 12, 2020
As we end the week, the pieces seem to be falling in place for another lockdown scenario.
As we’ve discussed since prior to the election, with the prospects of a split Congress we should expect Biden to hold the economy hostage, through tighter virus mitigation, to put pressure on the Republican-led Senate to agree on a big second stimulus package. And expect it to come from Democrat-led cities and states.
So, we’ve since heard from Biden’s coronavirus advisor, telegraphing such a move — a four-to-six week lockdown. Chicago issued stay-at-home orders yesterday. Today, the NYC mayor said to prepare for school closures thorough the end of November. This afternoon, Andrew Cuomo said the Governors of six Northeast states will hold an emergency summit meeting, amid spiking cases. And California, Oregon, and Washington issued an advisory urging the public to avoid all non-essential out of state travel today.
This comes as stocks finish the day up 1.5% and near record highs.