Brad McMillan, Commonwealth’s CIO, provides an update on the coronavirus, including what it means for the economy and markets. On the medical front, there were signs the third wave may be cresting, as both new cases and positive tests have ticked down. Further, people are now getting the Pfizer vaccine, and the Moderna vaccine will soon be available. Turning to the economy, the news wasn’t positive. Layoffs continued to rise, and consumer confidence dropped further, along with retail spending. Overall, the data suggests the pandemic is still a significant drag on the economy. In response, Congress has passed another stimulus bill, which should provide economic support until the medical news improves further. Meanwhile, markets continue to expect better times ahead. But do they have it right? Watch this video to learn more. Follow Brad at blog.commonwealth.com/independent-market-observer.