Although the incoming economic data are likely to remain poor until around mid-2021, we forecast that “risky” assets will continue to outperform “safe” ones comfortably over the next couple of years. We also anticipate that this will be accompanied by a further rotation within risky asset markets – generally favouring the sectors, factors and regions hit hardest at the start of the pandemic – as well as more weakness in the dollar. The two key risks to these forecasts are i) that the pandemic takes another turn for the worse over the winter and a vaccine still takes a long time to develop, produce, and distribute; and ii) that policymakers withdraw support prematurely, undermining the economic recovery and the prospects for risky assets.