The Celeri Journal #79: Lights On

Written by Michael

On May 21, 2020

Global Markets Recap

The Willis (née Sears) Tower lost power yesterday & the photo serves as an unrelenting metaphor for what, so far, has been one heck of a year. Five months in, most of us would likely take a Mulligan if we could, but we can’t, so we play on. The back nine of 2020 promises to be a stark & vast improvement.

Markets remain ebullient to the consternation of many. Oil – dead 3 weeks ago – is suddenly in a raging bull market. Housing is rebounding with #negativeinfinityrates. Tech stocks are at all-time highs. Imagine where they’ll trade when the recovery kicks into high gear. There’s been enough pessimism & negative karma to last a lifetime since mid-February. It’s OK to finally have a half-glass full approach to things. The election season will be gnarly, no doubt, but whoever wins will face a powerful, resurgent national & global economy with the prospect of a vaccine at hand or on the horizon & free money from Washington to Istanbul to Santiago & back. That, my friends, will be quite the tailwind.

One person who doesn’t get nearly enough credit is Steven Mnuchin. That guy has been a star during this crisis, never grabs headlines, puts his head down & wins. His sidekick Jay Powell has been grace under pressure as the 2 of them have been a helluva tandem to keep America’s lights on.

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