Capital Markets Winter 2021

I

The Check Is in The Mail Road to Recovery

• Enormous fiscal stimulus of approximately $5 trillion has been signed into law

I

• With Democrats in control, we believe more stimulus is to come

• Boosting disposable personal income may accelerate an already existing recovery

II

Huge Fiscal Stimulus

III

2021 stimulus is smaller but hits an already recovering economy

3% + More to Come?

2021: Boosting existing growth?

IV

2020: Mitigated stay-at-home recession

13%

V

VI

Fiscal Stimulus % of GDP

Source: Committee for a Responsible Federal Budget.

5