After above-average gains over the first half of 2021, equity markets weakened in the 3rd quarter as investors began to come to terms with increasingly strong headwinds. Attention has shifted from concerns about a prolonged COVID-induced reduction in consumer demand, to concerns about global supply chain constraints. With the holidays and Black Friday shopping around the corner, we expect developments related to the supply chain to take center stage as a market driver through year-end, even as the direct economic effects of the pandemic linger, Congress continues to chew its cud on the Biden administration’s Build Back Better plan…
