Amanda Agati, chief investment strategist of PNC Financial Services Group, joins Real Vision managing editor Ed Harrison to discuss everything that is driving markets in today's "new normal." She highlights the potential for the current bifurcated market environment continuing through at least the first half of 2021 until there is more progress around reopening and brightening around earnings and economic growth. Despite equity valuations staying at elevated levels, Agati believes they are not sitting in bubble territory because they are always a relative game versus the macroeconomic landscape and other asset classes. She notes there has been a significant sentiment shift driven by the outcome of the presidential election and by vaccine news and efficacy rates, and she's tracking Q4 2020 earnings reports and revisions for 2021 to create some semblance of proper equity valuations. Filmed on January 22, 2021. Key Learnings: We need to see the proverbial baton handed off from valuation multiple expansion driving asset prices and the overall market to earnings growth expansion to keep this market rally fueled. The macroeconomic backdrop of low rates for the foreseeable future has pushed yield-starved fixed income investors out the risk curve as longer-range return expectations continue to fall.