Daily Briefing – July 6, 2020

Max Wiethe joins managing editor Ed Harrison to discuss sentiment, the 2020 election, and forward earnings and what sort of impact that will have on markets in the coming months. Max and Ed first break down Peter Atwater’s interview from last week on Real Vision, examining his thoughts on current market sentiment and US politics, which then leads them to consider what a Democratic sweep would mean for fiscal policy and how MMT policy would affect equities. They also talk about the growing consensus around the Fed’s indirect influence on equities, what variables would challenge the narrative of the Fed’s omnipotence, and how the growing number of companies suspending EPS estimates makes the future that much more unclear. In the intro, Peter Cooper shines a light on Warren Buffett’s recent purchase of major natural gas pipelines from energy giant Dominion Energy.