The first half of 2021 has been witness to exceptional growth in demand fueled in large part fiscal stimulus and waning Covid-related restrictions. Latest data release indicates the major economies may be at the onset of high-water mark of economic acceleration and the growth will slow down worldwide. Uncertainties of future cash infusions paired with ebb and flow from Covid re-openings are likely to be further headwinds to further short-term demand acceleration.
Over the long-term, we confirm a moderation in the trends for all macro and financial. While short to medium-term concerns over inflation volatility remain, we believe it will mostly remain anchored to policy targets under the watchful eye of the monetary authorities.
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