The race between containing the COVID-19 virus and its variants versus
vaccine rollout and efficacy is being won by the miraculous work of scientists
and health care workers. However, equity markets and commodity prices
have moved a long way toward pricing in this optimistic scenario.
While “peak everything” may be near, the size of the mountain matters. There
is still growth in economic activity and earnings, but the rate of change is
moderating. Markets prefer positive and growing data – but…
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