Ongoing distribution of COVID-19 vaccines and easing lockdown restrictions supported increased
economic activity in March. The American Rescue Plan Act of 2021 was signed into law, raising
expectations for the recovery of the world’s largest economy, with the positive impact potentially
reverberating throughout the global economy.
Global equity markets were relatively volatile in March, but still ended the month in positive territory. The
support package signed by the U.S. government, as well as improving economic conditions, boosted
investor sentiment. That was partially offset, however, by concern over rising inflation and elevated equity
valuations, particularly as long-term government bond yields moved higher…

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