Now, COVID did a lot of things and it also revealed that the prioritization on safety has economic consequences, and they were pretty dire in many parts of the economy, particularly hospitality, that still has not recovered. That was the biggest story after COVID in 2020. We're talking about another trillion plus in 2021, so when we get to that, boy, is there are a lot of stimulus in the system. So, markets in a sense, were rescued by those policy decisions, the additional programs that the fed put in place as well as the CARES Act and then an additional stimulus booster shot at the end of the year, another 900 billion. And guess what? In 2020, after the COVID crisis, those policy arrows were definitely pointing in the same direction. And it's always good, at least historically, over the last 75 years or so, when the two policy arrows, monetary policy, that's cheap interest rates, and fiscal policy, lots of money getting pushed into the system, are pointing in the same direction. One is, some basic lessons, particularly around the fed and stimulus. But you know, for where your question starts, which is a recap for 2020, it's really a couple of things. So, maybe, Christopher, just starting with a recap of 2020, before we move forward.Ĭhristopher Wolfe - You know, I like your analogy, Mike, if we were doing this at Christmas time, I think I would have used the ghost of Christmas past, Christmas present, Christmas future, would have been a good analogy. And yet from the market's perspective, Chris, if you looked at the data, quite interesting, starting back to March, big dips and then recovery. I had pulled some of the words that trended from the "Washington Post" readers to describe 2020, words like, exhausting, lost, chaotic, surreal, relentless. Obviously, a very challenging year for everyone. And I think I want to start with you just in terms of 2020, maybe a recap. I will have many questions for you, but I think I'm going to divide this into a little bit of past, present and future. Today, our theme is, a Year of Two Bridges, and we'll explain what that means, but Christopher, welcome, always great to host you. He is an influencer in the world of economics, in money management, you may have seen him on a number of television shows or in various periodicals. Chris oversees the research and strategy for our Investment Management group, which is now $195 billion in assets under management. And joining me, as I mentioned, is Christopher Wolfe, the Chief Investment Officer of First Republic Investment Management. I am the Chief Banking Officer at First Republic Bank. It's my pleasure to host Christopher Wolfe. And thank you First Republic clients for joining us for our quarterly market update. Mike Selfridge - Well, good morning, everyone. Read below for a full transcript of the conversation. Wolfe, Chief Investment Officer of First Republic Private Wealth Management, and Mike Selfridge, Chief Banking Officer of First Republic Bank. The image below shows which categories are available for 5% (top) and 2% (bottom) cash back. Note that you need to activate the 5% category every quarter (unlike BoA Cash Rewards which you still earn 3% for the previously chosen category if you forget to choose categories later on).Watch a market update and discussion featuring Christopher J. It also allows you to choose a 2% cash back category every quarter. The US Bank Cash+ card allows you to earn 5% cash back in two categories of your choice every quarter, up to $2,000 in combined spend. Unfortunately, as of September 2019 Citi has also removed the ability to product change to the Dividend, however old accounts have not been closed by the bank. The Citi Dividend is no longer available for signups. The Citi Dividend earns 5% cash back on a cumulative total of $6,000 in spend per year rather than on $1,500 spend per quarter. The categories used be made available at the beginning of each calendar year, while they are now published every quarter like Freedom since 2023. Remember that all new Discover it cardholders will earn double cash back earned in the first 12 months of card membership, including on cash back earned in bonus categories, making quarterly category spend worth 10% back in the first year! The Discover it has a quarterly cap of $1,500 in spend on 5% categories. The Chase Freedom has a quarterly cap of $1,500 in spend on 5x categories per account. Chase Freedom Flex (CFF) and Old Chase Freedom: PayPal & Wholesale Clubs Appendix: Historical 5% Categories by Yearġ.
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