QVMS - Halloween And Christmas For Markets

• In the current commentary we hope to address this October’s unique market ghouls and further how we think resilient portfolios should be oriented around them.
• It is likely that in time pandemic distortions and extreme base effects will ease, though not immediately, pulling aggregate prices back toward a 2% rate of growth and allowing quantities to continue expanding once supply pressures alleviate.
• In the context of policy normalization, rising rates should not be too much of a concern for investors because the existing stock of liquidity is still historically high, and likely to keep yields contained (if moderately higher), even as the flow of new liquidity slows in the months ahead.

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