Coronavirus Update from Commonwealth CIO Brad McMillan, June 26, 2020

Brad McMillan, Commonwealth’s CIO, discusses the coronavirus, including the economic and market implications. We’ve had some setbacks on the pandemic front this week, with notable outbreaks in Arizona, California, Florida, and Texas. Although we’re not yet seeing a national second wave, the risks are rising. Both the daily spread rate (now at 1.6 percent per day) and daily case growth (about 40,000 per day) have jumped from last week, in large part due to the four outbreak states. Despite this concerning medical news, the economic news was good. Layoffs continued to decline, while hiring continued to improve. Plus, with metrics like consumer confidence, consumer spending, and housing all showing signs of improvement, it appears the overall recovery remains well on track. But will this positive economic data be enough to cushion any market volatility caused by the most recent outbreaks? Watch this video to learn more. Follow Brad at blog.commonwealth.com/independent-market-observer.