It represents projected long term growth. My point was that the long term employment outlook seems pretty bleak (e.g., https://www.cbo.gov/publication/56442#:~:

It represents projected long term growth. My point was that the long term employment outlook seems pretty bleak (e.g., https://www.cbo.gov/publication/56442#:~:text=CBO%20projects%20that%20from%202020,projected%20to%20average%206.1%20percent https://www.cbo.gov/publication/56442#:~:text=CBO%20projects..., https://www.reuters.com/article/us-usa-economy-employment/u-s-employment-projected-to-increase-six-million-from-2019-to-2029-labor-department-idUSKBN25S5ZB https://www.reuters.com/article/us-usa-economy-employment/u-...). So it's hard to see where the market is getting its long-term optimism. One possible answer is that it isn't long-term optimism at all, but a short-term expectation of continued government intervention prior to the November election.