Weekly Market Commentary

November 23, 2020


Thanksgiving Is Here


I would like to open this Thanksgiving message to wish you and your family a special and joyful day. On behalf of our entire team, we would like you to know how much we appreciate our relationship with you. This has been a year of patience and resilience and let’s hope our upcoming Holiday season brings joy and happiness to all of us. Thank you, everyone.

The U.S. economy is like a semi-trailer truck. No one likes being stuck behind a semi at a stoplight because big trucks do not go from zero to 60 in 2.5 seconds. Neither does the U.S. economy.

When the pandemic brought our economy to a near virtual standstill early in 2020, the U.S. government and Federal Reserve took extraordinary measures to help the economy get going again:


  • Congress passed the CARES Act stimulus, which gave Americans and American businesses badly needed fuel to support economic recovery. Businesses were able to stay open and people had money to spend. That is important because consumer spending accounts for almost 70 percent of U.S. economic growth.
  • The Federal Reserve paved the road and gave it a downward slope by creating a supportive interest rate environment and implementing special lending facilities intended to support businesses, as well as state and local governments.


Is slower growth ahead?

In recent weeks, however, there have been signs economic recovery may be losing momentum and the virus may, once again, be responsible.


Disruption and Innovation – Thanksgiving Style

Thanksgiving is going to be a lot different this year – and Americans are rising to the challenge. Some are cooking up their favorite recipes and peppering the table with screens so they can share the event from afar with friends and family members. Others are taking the opportunity to move away from turkey and introduce new entrees. No matter what will be on the table, people are finding opportunities to give and reasons to be grateful.

We hope you have a happy and safe Thanksgiving!


Focus On The Positive

“Give thanks for a little, and you will find a lot.”

–Hausa Proverb


Best regards,

Bill Spalding