Recent economic data reports, including the October employment report, suggest a possible further rebound in activity, although the pace of improvement had moderated, and we are still well below pre-pandemic levels. The economic outlook for 2021 depends on the course of the coronavirus, the efforts to contain it, and the amount of government support. The Federal Reserve, as expected, indicated that it has little to no intention to raise short-term interest rates through at least 2023. The rise in COVID-19 cases and the related economic slowdown are the main drivers behind its decision. Plus, the Fed has other tools in its arsenal to spur further economic activity as needed. Its accommodative monetary policy should continue to support both economic growth and risk assets, as well as keep Treasury yields contained. For months now, most experts had warned of volatility leading up to and around the election, so the highs and lows perhaps aren’t quite as surprising as the razor-thin margins and extended vote counting. The truth is every election season brings market turbulence – no matter which party is in the lead – and while this year is unusual in many ways, that part isn’t. Keep in mind, too, that the economy and equity markets are generally apolitical. Both often perform well no matter which party dominates in D.C. As we’ve said before, time is on the side of patient investors. And it’s our belief that those who remain true to their financial plan will emerge the real winners. Of course, we’ll continue to monitor the results and be available to answer any questions you have about how to best position your portfolio for the years ahead. Wishing you and yours well! Sincerely,Peck Bulgin Wealth Managementof Raymond James245 Riverside Avenue, Suite 500. Jacksonville, FL 32202 Investing involves risk, and investors may incur a profit or a loss. All expressions of opinion reflect the judgment of the authors and are subject to change. There is no assurance the trends mentioned will continue or that the forecasts discussed will be realized. Past performance may not be indicative of future results. Economic and market conditions are subject to change. The S&P 500 is an unmanaged index of 500 widely held stocks. An investment cannot be made in this index. Investing involves risk and investors may incur a profit or a loss regardless of strategy selected. Material prepared by Raymond James for use by its advisors.