Washington Post – The Finance 202: Wall Street is optimistic even as Washington stimulus talks make no progress
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Michael LaBella, CFA
Head of Investment Strategy
OCTOBER 09, 2020
Washington keeps going in circles on another stimulus package. Wall Street keeps confusing that movement for progress and rallying on non-developments from the negotiations.
"There’s growing confidence that there’s going to be a much bigger package after the election, particularly if polls are correct and we see Democrats taking control of the Senate as well as the presidency,” Franklin Templeton’s Mike LaBella tells me.
He says while “it would obviously be helpful for the economy to get it done as soon as possible,” investors have priced in more emergency relief. Now, he says, they are more interested in the scale of the finished product than whether “it gets done in 30 days or in three months.”