July 2021 image
Clients & Friends, It's been a busy month with the delta variant running rampant in parts of the U.S. and world, and renewed concerns over reimplemented lockdowns taking the center stage. The hospitalizations appear overwhelmingly concentrated by those who are unvaccinated. While the amount of people still not vaccinated is concerning, the vaccines are now battle-tested against delta with strong results. Hopefully those who are not vaccinated will take notice. In economic data, Q2 GDP was released and came in at 6.5% which was materially lower than the 8.4% estimate. A large reason for the miss was related to inventories and supply chain issues. Meaning, inventories were drawn down but not replenished as supply chain issues prevented ...
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