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MNAFP Monthly Meeting October 8, 2020
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Under the Grip of COVID-19: How the Fed is Fighting the Pandemic

10/8/2020
When: Thursday, October 8, 2020
11:30 AM until 12:30 PM
Where: Virtual via Zoom
United States
Presenter: Dimitri Delis
Contact: Kate Cole
612.910.9286


Online registration is closed.
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Under the grip of covid-19: how the fed is fighting the pandemic

As the economy shows signs of a "V-shaped" recovery the upturn may be merely a technical bounce caused by the extensive depth of the initial collapse. In this presentation we will discuss if the worst of the economic damage is over and if the Fed's new approach of inflation targeting will make a difference. You will learn how effective the Fed's new monetary tools have been thus far and how they will impact the fixed income and equity markets going forward. We will examine the lasting damage COVID-19 has inflicted in the labor market and how lingering high unemployment will dictate Fed policy for many years.


 

This session will meet the following learning objectives:


1. Steady improvements in various economic indicators point to a strong rebound in the 2nd half of 2020. However, the supply shock from the pandemic-induced lockdown is now transforming into a demand shock. Low consumer confidence, elevated unemployment rates, and income disruptions (i.e. expiration of unemployment benefits) are likely to limit consumer spending.

2. Savings and demand deposit accounts, which are key components of M2, have grown on the back of risk aversion and the aggressive fiscal and monetary response to fight the pandemic. Given the origin of the spike in the M2 money supply, we do not believe it will result in surging inflation. Also the shortfall of aggregate demand created by COVID-19 relative to the economy’s productive capacity should keep inflationary pressures muted in the near term

3. With traditional labor metrics contradicting each other, there are good reasons to be skeptical of the drop in the U-3 unemployment rate. Currently the number of people claiming Pandemic Unemployment Assistance benefits has surpassed those receiving benefits under regular state programs. Given the nature of the crisis the U-6 unemployment rate may more accurately reflect the strength (or weakness) of the labor market.

 

 

 

 Participants can earn 1.0 CTP/CCM/FP&A credit or 1.0 CPE credit. 




Bio:


Dimitri Delis

 

 

Dimitri Delis is a Managing Director in the Piper Sandler Strategic Analytics Group (SAG) in the Fixed Income Department. He is responsible for evaluating economic trends, analyzing current economic issues, developing econometric models and making economic presentations to clients.


Prior to joining the group in 2005, Delis served as the cross-sector strategist for JP Morgan. Prior to the JP Morgan-Bank One merger, he was the derivatives strategist for Bank One. Dimitri’s experience includes market risk management for ABN AMRO where he was responsible for identifying and monitoring all market risk-taking activities for the derivatives and FX trading desks and bond modeling for Solomon Brothers’ proprietary portfolio tools.


Dimitri Delis holds a Ph.D. in nuclear physics from the University of California at Berkeley and a bachelor’s degree in chemistry and mathematics from the University of Chicago. He completed his Master of Business Administration degree at Northwestern University’s Kellogg School of Management in 2006. He is a registered representative with the Financial Industry Regulatory Authority (FINRA).

 

 

 


NEW Registration Pricing:

  • Member Pricing $20.00 per person.
  • Non-Member Pricing $40.00 per person.

 


Minnesota Association for Financial Professionals is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

 

 

 

   

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Minnesota Association for Financial Professionals
P. O. Box 358
Isanti, MN 55040-0358

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