TRND - 2021 Outlook: The Deep End Of The Pool

• This is the most difficult year in many decades to write one of these. Never before have both the macro and finance environments been so exceptional.
• The biggest unknown for 2021 is what happens to the giant household savings bubble. There are a very wide range of possible outcomes based on that.
• “Stimulus” checks are on the way. The last time that happened, the savings rate was 34%, and a lot wound up in the stock market.
• But after the fiscally-fueled surge dies down, market participants have some very tough questions to answer.

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