President Biden signed the $1.9 trillion fiscal relief plan yesterday, bringing the total amount of pandemic-related fiscal relief legislation in the last year to about $5.5 trillion. At this time last year, financial markets were in turmoil amid an uncertain global economic outlook. Over the past year, robust fiscal spending along with the Federal Reserve’s highly accommodative monetary policy has provided support for the financial markets. On a year-over-year basis, the S&P 500 index is up nearly 60%. Yesterday, President Biden indicated that every American adult will be eligible to receive a vaccine by May 1, 2021. With the vaccine rollout speeding up, many states and counties now easing restrictions, another substantial round of fiscal relief in the pipeline, and an ongoing backdrop of low interest rates and accommodative monetary policy, we believe economic growth is poised to accelerate meaningfully in the second quarter.

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