(Bloomberg) --

What explains the resiliency of the U.S. stock market, despite the worst economic data in most of our lifetimes? Susan Schmidt, head of U.S. equities at Aviva Investors in Chicago, says the market is already looking ahead to next year. That doesn’t mean there won’t be some more volatility in the near term. She joined this week’s episode of the “What Goes Up” podcast to discuss her outlook.Some highlights of the conversation:“Volatility is going to be the name of the game here, for the next couple of months. I think that actually increases. And we saw that big downturn in the market, mid-first quarter. And that was, I think, a lot of people looking very short-term on how is this Covid-19 going to impact the economy? How is this going to impact the work force? They could only see four to six weeks out. And I think what we see now is the market saying, alright I understand first quarter, second quarter numbers are irrelevant. What really matters here is, give me 2021 … Let me hear from management teams, on how they think they can get through this and can they get to 2021. How are they handling it all?”

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