08 July 2021
Back in Q4 2020 the global macro outlook for 2021 was generally founded on cautious optimism. Rates were anchored, the fiscal policy sluice gates were wide open, particularly so in the wake of President Biden’s election and the Covid-19 vaccination drive was well underway. Since then, financial markets have largely continued to price in a brightening horizon, notwithstanding a few road bumps and obstacles to risk asset sentiment along the way. There is still reason for optimism today, but perhaps not to the extent that the world was holding its breath for back in late 2020.
Simon Ballard, Chief Economist