March - May, 2021

Written By Matto Petrini
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Key Highlights

• We are entering the reflation phase of the recovery, which will be characterized by high growth, rising inflation, and low policy interest rates.

• Just weeks after US President Biden signed a pandemic relief package (USD 1.9T), his economic advisers are pulling together a USD 3T package to be invested in infrastructure, education, workforce development, and climate change.

• Thanks to vaccines and fiscal stimulus the global economy is poised to rebound sharply in the second half of 2021 as restrictions are gradually lifted.

• Reopening trade to favour equities over bonds, value over growth and non-US over US stocks.

• Reopening trade to favour equities over bonds, value over growth and non-US over US stocks.

Matto Petrini
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January - February, 2021