The Covid-19 pandemic has helped create a financial environment beset by unusual (and perhaps unsustainable) spikes in asset prices.

The rapid shutdown of the economy in the spring of 2020 led to a brief but painful recession. But the resulting reopening has caused a massive boom that has some wondering if America is now in the midst of a new Roaring Twenties … just like 100 years ago.

Still, there are indications that the economy and market may soon be reaching peak levels — for just about everything.

“What will the return to the new normal look like? We may soon be past the peak,” said Yung-Yu Ma, chief investment strategist with BMO Wealth Management.

Earnings momentum should begin to fade

Investors and consumers should prepare for the possibility that the economy may finally start to settle down in the latter half of 2021 and into 2022, especially if the Delta variant becomes an even bigger problem.

Stocks may have a tougher…

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