Acceleration of growth in Q2 (+5.6%). GDP to increase by +7% in 2021. Effective vaccination campaign. Massive economic support. Positive wealth effect. Excess savings. Increases in inflation, long-term rates and the dollar.

Key points

• Transition in Q1 to visible acceleration of growth already in Q2
• 2021 to set record with GDP growth close to +7%
• Overall economic support of USD 5 trillion will boost growth
• Leading indicators still very optimistic
• Employment could strengthen quickly
• Two trillion in savings to spend and invest
• The Fed is not afraid of inflation, and yet…
• Very significant adjustment in expected inflation
• Renewed attractiveness of bonds and the dollar
• Equity markets benefitting from abundant liquidity despite high valuations

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