The most important divergence in markets: COVID cases are rising, but deaths aren't (yet?)

MACRO-THEMATIC TRENDS - Report 24 Jun 2020 by Luke Gromen

Hello-

Hope you’re well. Attached above is this week’s edition of FFTT. This report is 12-pages long and is a 14-16 minute read. If you are having trouble logging in, please emal fftt@analysthub.com for assistance.

>> Perhaps the most important divergence in markets: Coronavirus cases are rising, but deaths aren’t (yet?) <<

Key points:

* Either COVID deaths are about to follow new reported COVID cases higher, or they aren’t.

* If COVID deaths begin reaccelerating, we suspect the next data series to reaccelerate will be the Fed’s balance sheet.

* Regardless of the path 3q20 takes, the end point for 2020 appears to be the same: With a bigger Fed balance sheet.

Thank you for reading this edition of FFTT. LG

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