Stocks may be in for a prolonged period of churning and volatility.
We project real economic activity to remain below pre-coronavirus levels through 2021.
While we think stocks can still make advances as economic clarity emerges, volatility is likely to remain high.
We continue to have a cautious short-term view toward stocks and other risk assets.
Over the long-term, we think stock prices could gain ground when we have more clarity around the state of the economy.
Economic data are likely to continue plummeting before recovering in the second half of 2020.
Fiscal and monetary stimulus should help set a base for an economic recovery later this year.
Investors with long-term time horizons who can handle near-term risks could see some buying opportunities.
Investors should still expect rough times ahead.
The coronavirus pandemic and the resulting countermeasures have changed everything.
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