In short, 2020 proved to be an intense and surreal year. The world faced a global pandemic which infected nearly 82 million people and led to 1.8 million associated fatalities at last count.1 Global economic activity fell by nearly 20% by April, and the U.S. economy experienced its fastest and deepest recession in post war history. The level of economic disruption induced by the pandemic necessitated a massive and swift policy response, the magnitude of which more than fully offset the sacrificed income and goosed the U.S. savings rate to a record 34%. This liquidity stabilized risk asset prices and enabled the 2020 stock market to rally off the lows to be the greatest of all time, further fueled by the reopening of the economy and successful development of compellingly effective vaccines.2
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