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And certainly the promise of sustained support from the U.S. Federal Reserve doesn't hurt. Client portfolios have been moved to a significant overweight equities stance.

With these, a shift from a modest overweight in equities to a significant overweight positioning has been initiated. The rebalance will be completed Monday.

Fed Chair Jerome Powell has taken pains to emphasize that the Fed will remain patient when raising rates. This, combined with the accompanying chart, has me focused on the looming second half recovery and positioning client portfolios accordingly.

Marking a sea change in Fed-think, the U.S. Federal Reserve will now wait to see evidence of inflation before raising interest rates, rather than raising rates merely in anticipation of same. This should support equity markets.

While inflation is set to move higher in the short-term owing to pandemic-fueled "soft" year-over-year comparables, the case for sustained inflation is far more uncertain.

But why was this week (and last) so volatile?

But is it a realistic concern for 2021? I'd argue "no".

… although the cyclic nature of human behavior suggests there may be mini-upticks and stalls in the rate of decline as society collectively moves toward a more normal back half of 2021.

Find attached an exceptional piece of thought leadership on the investment merits and role of digital currencies - particularly Bitcoin - in the current and future economy.