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The “In-Between,” the “New Normal,” and What’s Next…

Tracking the course for global equites to a post-COVID-19 world

David J. Eiswert, Portfolio Manager
T. Rowe Price,  February 2021

Sometimes in life, you find yourself “in between.” In between seasons, in between relationships, in between jobs. One season is ending, and the next has yet to begin. This is where markets are now.

Extreme Outcomes Have Unfolded Because of Coronavirus

Discussing COVID‑19, the disease caused by the coronavirus, and markets should begin with an acknowledgment of the human suffering that the crisis has caused and the injustices that it has revealed. There is more to this experience than market uncertainty, but that uncertainty is what our clients trust us to navigate.

It is remarkable how humanity met the Covid challenge. This response reminds us of our adaptability and ingenuity as a species. Let us hope that this ingenuity combined with a renewed focus on tackling injustice will lead to better long-term outcomes for us all.

The coronavirus crisis was unexpected, even though predictions of some sort of global pandemic were not new. Human beings struggle to imagine the implications of something so unexpected. Billions of people stopped what they were doing and changed their behavior almost simultaneously. We found ourselves in a time of extremes.

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