President Joe Biden’s economic agenda will focus on “building back better,” says Fraser Lundie, head of credit at Federated Hermes, a Pittsburgh-based capital management house with $575.9 billion under advisement. As the week of the presidential transition began, Lundie spoke to Bloomberg News, adding his view that renewable energies would remain a strong investment pattern in the coming year.
In a separate video short, Lundie’s colleague, Federated Hermes Chief Investment Officer Stephen Auth predicts the new administration will be a “mixed blessing” for investors, but ultimately predicts market forces to win out over politics to drive a strong year for Wall Street.
If the new administration focuses on “heavy tax programs… I think that’s probably not positive for markets. On the other hand, he’ll spend a lot of money and that is positive for markets,” he says.