Market Perspectives ǀ Overfretting about the triple peak

Highlights:

In this latest issue of our monthly ‘Market Perspectives’, the experts of our Macro & Market Research Team focus among other topics on:

• The ‘delta’ variant and worries about the triple peak (growth, inflation, stimulus) have tamed the risk rally and sent bond yields lower.
• This is a consolidation, rather than a trend reversal. Global growth will stay above potential in H2. Policy removal will be far slower than it has been historically. US inflation will recede, but is unlikely to return to the pre-Covid subdued path.
• While staying prudent over less liquid summer, we maintain a pro-risk bias in our portfolio.

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