MARKET UPDATE: THIRD QUARTER 2021
As the pandemic appeared to be slowing down, the new highly contagious COVID-19 Delta variant flared this summer causing a momentum slowdown in the third quarter dampening investor enthusiasm. The list of additional concerns included higher inflation, rising interest rates, lofty equity valuations, supply-chain bottlenecks, Federal Reserve policy changes and the chaos in Washington over President Biden’s two massive stimulus proposals and changes to the tax code to pay for them.