The NABNAB Scenario

(1) Taking a break from the virus, and DC too. (2) The secret formula is NABNAB 2-2-2. (3) Failing to stall. (4) The Trauma of 2008 is still boosting profit margins today. (5) Productivity could be a game changer. (6) Consumers continue to spend, especially on health care. (7) Real wages at record high and rising along a trend line of 1.2% real annual growth. (8) Capital-spending growth falls along with CEO confidence. (9) Tech-related capital spending at record high. (10) Some evidence of Millennials turning from renters to homeowners. (11) Other possible sources of GDP strength in 2020: defense, infrastructure, and trade.