After the equity rally, P/E multiples are back at around 16x 2021 consensus earnings; any advances from here are probably much less one-directional given what still lies ahead, even after $8 trillion in asset purchases, loan guarantees and direct lending from the Federal Reserve. In Europe, the latest antibody tests show large numbers of unreported infections, which could signal an earlier increase of herd immunity than you might think.
LISTEN AND SUBSCRIBE TO MICHAEL CEMBALEST
In this podcast series, Michael Cembalest, Chairman of Market and Investment Strategy offers timely commentary on the economy, marekts and investment portfolios
903c02a82872c26