Market Update - January 2021

FROM THE GLOBAL ASSET ALLOCATION TEAM 
- By Candice Bangsund, Vice President and Portfolio Manager, Global Asset Allocation

A tumultuous 2020 came to a close on a positive note amid optimism that the distribution of safe and effective vaccines will revitalize the economy in 2021. While the pandemic intensified at year-end, investors opted to look through the rampant outbreak towards the post-vaccine economy, while the deluge of policy stimulus also underpinned sentiment. Indeed, after several weeks of wrangling, U.S. lawmakers managed to approve a $900 billion fiscal relief package that will be critical in bridging the gap until widespread vaccine rollout. Meanwhile, the U.K. and European Union unveiled a historic post-Brexit accord at the 11th hour, which formally completes Britain’s separation from the bloc more than four years after the referendum.