The three levels of stimulus that caused us to expect above-average growth and above bottom-up consensus estimates for the S&P 500 (SPX) operating EPS became even more pronounced over the past month; that is, 1) The Fed reiterated that their historically dovish stance is not going to change for the foreseeable future; 2) the Biden Administration is likely going to use the reconciliation process for its proposed $1.9T package; and 3) interest expense savings from non-U.S. Treasury interest rates reaching a record low.

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