Therapeutic breakthroughs and vaccine tests could bring us relief sooner than later In another volatile week, the equity markets staged a dramatic rally to lessen the impact of this month’s selloff. Expectations for the $2 trillion Coronavirus relief bill, which received bipartisan support in Congress this week and was quickly signed by President Trump on Friday, provided encouragement to investors. The bill provides funding for U.S. individuals and corporations seeking relief for the dramati… View More
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Best week for the Dow since the 1930's and making strides on the Coronavirus….From the longest Bull market in history… to a bear market… back to a Bull market… all within 3 weeks...truly historic events are at hand We wanted to drop you a short note after the last few weeks, which have been nothing short of exhausting and nerve racking. After many record down and record up trading sessions, it appears the markets may have finally found an equilibrium on Monday. With our war on this sile… View More
Most of the world is now hunkered down. We’re socially distancing ourselves from each other in the tiny clusters of our nuclear families for an unknown period. The stock market has plunged at a record speed, wiping out gains made since December 2018, and with fears of more selling to come. But there is light at the end of the tunnel as efforts are underway on various fronts, healthcare therapies and Government financial stimulus, that may show us the path forward. And finding that path is the… View More
Although the final text of the stimulus package is not complete yet, there is a senate-produced summary of the legislative compromise (follow link below). It walks though the stimulus package section by section in an easy to read fashion. When the final text becomes available, we will send it out. Sincerely, Fortem Financialwww.fortemfin.com(760) 206-8500 Stimulus Package Senate Summary of Legislative Compromise Read Story … View More
Good morning. The federal government and the Federal Reserve are using their massive balance sheets to fight any significant surge in unemployment stemming from the coronavirus. Policymakers are viewing the fight against the coronavirus as a wartime-like event and they are putting wartime resources behind the effort. Last night, negotiators reached agreement on a roughly $1.8 trillion fiscal stimulus, with most of the tax and spending changes front loaded to cushion the blow from a temporary de… View More
An agreement on the economic stimulus package is a lot closer this morning. Senator Schumer and Treasury Secretary Mnuchin resolved most of the large issues last night. A deal did not materialize yesterday, but negotiators knew the clock was ticking and worked late into the night to get the details in order for a potential deal announcement today. Last night, Mnuchin agreed to more oversight of the corporate loan facility and Schumer won more money for hospitals and $25bn of direct aid for the … View More
We interrupt your normal viewing pleasure to bring you a special report: Due to fears about the Coronavirus – more specifically, the forceful government measures designed to halt its spread, the US is on the front edge of the sharpest decline in economic activity since the early 20th century. The US economy was on track to grow at around a 3.0% annualized rate in the first quarter before fears and response measures escalated. Don't just take our word for it, the GDP model used by the Federal … View More
Good morning. After last night’s failed Senate vote, we noted suggesting that failure likely needed to happen to move the process forward and that a deal could be announced this morning. Negotiators are not there yet. Following a series of meetings late last night, Senator Schumer remarked at 12:30am that there still was no agreement, negotiators were getting closer, staff would work through the night, and the principals will reconvene in the morning at 9am. The legislation is already weeks b… View More
More than 250 years ago our founding fathers founded this republic to make life better for their fellow citizens. Our constitution starts with the following preamble: “We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America”… View More
Estimates for 2Q GDP growth are ratcheting down and a 10 percent contraction is not far off from the consensus. Initial unemployment claims could reach 1 million next week. If policymakers get this wrong, contagion can easily spread, despite the temporary nature of the coronavirus. In that context, Congress is rushing to get a $1 trillion plus stimulus passed in the coming days. Senate Republicans released their plan last night. There are large differences between the goals of the two parties, b… View More