Recent economic data are moderately encouraging from the stock/bond perspective. Consumer spending is still fairly strong, although moderating....and ditto for inflation.
It still is possible that when/if? the virus recedes in the coming weeks, consumer spending will surge as it did earlier this year. However, to me, this seems unlikely.
The impetus from the federal government will lessen significantly. It also seems reasonable to me that many, after seeing the over-promising of "life-to-normal" as a result of vaccines, will adopt more of a wait-and-see approach this time around.