The Covid-19 crisis has transformed the world with far reaching consequences that markets are now starting to assess. The most important one being what will be left of the Great Recovery following the crisis.
Different narratives are evolving at this point in time, leading to higher uncertainty in the market. The monetary narrative is the clearest and most advanced one. Central Bank mandates are evolving from being anchored to keeping inflation under control, to a situation where extraordinary monetary policy becomes the new normal. What is uncertain is how long this extraordinary accommodation can last without risking the initiation of an inflation spiral.
You can now read the full whitepaper at the link below
