As we close the chapter on calendar year 2020, it is one that will not soon be forgotten. 2020 was unprecedented in so many ways due to the global pandemic that will likely impact the way we work, learn, socialize, and entertain for quite some time.
The year began with President Trump ordering a drone strike on an Iranian security commander, which was then followed by the onslaught of COVID-19, government-mandated shutdowns, a recession, market turmoil, unprecedented monetary and fiscal responses, a recovery, an election, new vaccines, and an S&P 500 index that gained 16.25 percent for the year.
At one point during the year oil futures traded in negative territory, and the yield on the 10-year U.S Treasury Note fell from 1.92 percent at the beginning of 2020 to a low of 0.52 percent in August before ending the year at 0.93 percent.
Drastic times called for drastic measures, and the White House, Congress, and the Federal Reserve stepped up in ways never before seen. And given the ongoing uncertainty regarding the so-called second wave of COVID, they are not done. President Trump signed a $900 billion COVID-relief package, which included funding the government through September 2021.