Daily Briefing - November 4, 2020

In light of the market rally occurring along with election uncertainty today, senior editor, Ash Bennington, and managing editor, Ed Harrison, together pose the question, “just what exactly are the markets celebrating?” They discuss how investors may not have considered the strong probability for an election outcome other than a blue wave - and what the policy implications might be in a split government. Going off of that, Ed and Ash also review the economic data that is rolling out this week, shedding light on how the recovery is slowly breaking down in key indicators of the overall economy. Ed then projects what that data could mean for the labor markets going forward, Q4 GDP numbers, and the monetary policy response. In the intro, Peter Cooper reviews the data for the ADP report, ISM Services Index, and the ISM Manufacturing Index.