Good news about progress on coronavirus vaccines in the past month has started, or fuelled, a number of trends which we broadly expect to last through 2021, as those vaccines help the global economy reopen and policy mostly remains supportive. The trends include a rise in breakeven inflation; a strong rally in risky assets generally; outperformance from the equity sectors, factors and regions that suffered most in the early stages of the pandemic; and a broad-based depreciation of the dollar.
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