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Bumpier market trends amid gradual normalization
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A gradual normalization is under way. Global growth has peaked but will remain above average, boosted by softer but broadening consumption and by surging capex. However, the return to normality will likely take more time than anticipated, hindered by supply issues. The uncertain inflation path would keep central banks on a less easy footing, moderating global liquidity. Finally, policies would add risks to growth prospects as governments start withdrawing stimulus, while rethinking ways to mitigate inequalities, often deepened by the pandemic. What are the implications for the various asset classes and for portfolios going into year end?
