Duff & Phelps Chief Strategist Chris Campbell recently joined Cheddar to provide insight on the latest market developments amid the COVID-19 pandemic. 

On March 18, 2020, the U.S. stock market rallied as news of progress on a coronavirus vaccine circulated, but stocks closed at session lows on Tuesday, March 19 as uncertainty emerged around the vaccine. 

On March 19, 2020, U.S. Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Steve Mnuchin provided more details on their coronavirus relief measures during a virtual Senate hearing. As former Assistant Treasury Secretary For Financial Institutions, working under Steve Mnuchin, Chris shared his takeaways from the hearing and his outlook for the economy. 

Chris said, “There are obviously challenges ahead… and a challenge that the federal government has had to come in and through various loan facilities in giving direct payments to Americans, now trillions of dollars, an unprecedented move, that puts the economy at risk…a large number of borrowing, more cash out there, means that the chances for inflation are greater, which is going to be a significant challenge.”

“We are going to face a different economy coming out of this... I think both the chairman of the fed and the secretary were very clear in suggesting that the American entrepreneur and their ability to be able to take risks and to innovate out of a significant challenge like this are unprecedented.” 

When asked what sectors he thinks will see investment opportunities and innovation, Chris said, “I think the way we that look and think of work is going to be completely changed. I think that companies’ footprint of office space is going to be different, so I think there is going to be an enormous amount of technology and innovation in the way we interact with each other and on a going forward basis, how we conduct business…it’s going to be fascinating to see infrastructure and how that changes and the future of infrastructure. So, I think the verticals are going to be largely technology, and I think an enormous amount of money is going to be put in healthcare and try to find ways of changing the ways we as human beings interact with each other in a safer way.”

Watch the full interview here.

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