The last year has been one for the record books. I don’t need to tell you that. You already know about the global pandemic and unprecedented widespread lockdowns. You already know economic activity dropped more sharply than ever before, and has recovered at a record pace. You know that thousands of Americans have died, millions have lost jobs, and millions more barely recognize their own lives from a year ago.
I don’t need to tell you that Congress responded with the largest stimulus package our nation has ever seen. Or that the Federal Reserve added more than $3T of liquidity to the financial system in a matter of weeks, nearly matching the total stimulus provided in six years following the financial crisis.
You already know that stocks went from all-time highs to a bear market faster than ever before, and recovered almost as quickly. And you know that interest rates are the lowest they’ve been in modern history.
I don’t need to tell you that crude oil traded at negative $40 per barrel. That gasoline usage fell to the lowest level in more than 30 years. Or that air passenger traffic was lower than September 2001.
I don’t need to tell you, because you already know.
But did you know Gold prices reached new all-time highs for the first time in nearly a decade? That copper reached 7 year highs? Or that the price of Lumber tripled in less than 6 months to reach unprecedented levels?
Did you know Personal Income rose a record amount this year, despite job losses? And despite all the forced store closings, Retail Sales in November were still 4% higher than the year before?
Did you know that Housing Starts are stronger than they’ve been since the financial crisis? And home prices are accelerating?
Did you know the U.S. Dollar Index has fallen more than 10%, nearing its lowest level in the past 6 years? Or that the Nikkei 225, Japan’s benchmark stock index, is at the highest level in 29 years?
And, perhaps most importantly, did you know my co-worker for most of 2020 has been a good boy?
Now you do.
Wishing you all a Merry Christmas.
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