Economic momentum slows. Weakened employment and consumption. Priority to growth.
Unavoidable continuation of deficit monetisation. Rising earnings for equities.

Key points

• GDP momentum expected to slow sharply in Q4
• Employment remains fragile and could penalise
  consumption.
• The four priorities of the new US president
• Rising government deficit and risks of structural
  depreciation of the US dollar
• Post-Covid debt financing implies further
  monetisation of new issuance
• The Fed can only stay the course
• The rise in long-term rates increases the relative
  attractiveness of the bond market
• Exceptional rebound in corporate profits

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