Biden Inauguration | Rio Exits Delay & Gentailers Global markets were quiet overnight as the US market was closed. The focus remains around Trump’s last day in office tomorrow & the Biden inauguration. Former Fed Chair Janet Yellen appeared before the Senate Finance Committee as part of her nomination to be the next US Treasury Secretary. Yellen commented that she sees risk of longer, more painful recession in a push for Biden’s stimulus package. Markets finished 2020 on a high, and for the 2020 calendar year market returns experienced were almost unimaginable back in March. The US market (S&P 500 index) total return was +18.4%, New Zealand market (NZX 50 index) +11.4%, Australian market (ASX 200 Accumulation index) +1.4%. The key development since we last wrote our last daily in December was the Democrats’ unexpectedly victories in the two Senate run-off races in the state of Georgia.  The results give the Democrats 50 out of the 100 seats and, with VP-elect Kamala Harris having the casting vote, ove...