As 2020 comes to an end, the extreme uncertainty that defined the outlook over the past year is subsiding. There are many questions about the speed with which the Covid-19 vaccines can be made available across the world, but the high estimated efficacy rates imply that “herd immunity” can be achieved with a lower level of vaccination than had been assumed. 

After almost a year of public debate, the Fed announced a subtle but important change to its monetary policy framework. Rather than targeting an inflation rate of 2%, the Fed will look to achieve an average inflation rate of 2% over time.

As we enter the final few weeks preceding the US election, President Trump is more committed than ever to deliver a vaccine for Covid-19, or at least convince the public that one is very near. It's no secret that the electorate overwhelmingly disapproves his management of the pandemic, so this focus is part of a campaign effort to improve his standing prior to the election.