Succinct Summary: The Coronavirus continues to spread globally and no one knows how bad this could get. On the one hand we have projections of its exponential growth. On the other is the hope that seasonality will help stem the tide. In the face of a potential pandemic, the health of the economy seems like a trivial concern. Still, this panic is having a material affect on economic activity and thereby markets. The Fed has tried to address this with lower rates, but even the Fed admits monetary policy can't do much to stop a virus. Where monetary policy will fail, hopefully modern medicine will succeed. Everyone, stay safe out there!
Succinct Summary: The trade war has been weighing on the economy for most of the year. Businesses have been hesitant to invest due to the uncertainty and have been trying to mitigate the impact of tariffs. Still, the consumer has been remarkably resilient. Overall the economy is stable but not quite as strong as it was a couple of years ago.