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Capital Market Outlook

February 8, 2021


  • Macro Strategy — Deficits, the Money Supply and Inflation: The unprecedented growth in the money supply and the fiscal deficit since March 2020 have naturally raised concerns about the outlook for inflation and financial stability.
  • Global Market View — Portfolio Positioning in Janus-like America: A bundle of dynamics that supports America's economic expansion and underpins the current bull market in U.S. equities.
  • Thought of the Week — Near-term Sentiment Risk Balanced with Medium-term Upside in Earnings: Near-term sentiment risk appears more balanced against the backdrop of reasonable relative valuations, rising economic activity and a positive earnings outlook for 2021.

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