I think it's a long-term drop. The Fed is fighting the effects of COVID on the economy. At the same time, it is fighting sell pressure from Baby Boomer retirements, which are at their peak. The demographic effects on the economy are a major long-term downtrend unless much of the Boomer wealth is inherited down. COVID might suck up retirement savings for Boomers, however. One good hospital stay can devour retirement savings.
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