Market Scenarios and Risks - February 2022

We are marginally adjusting the narrative to take into account the recent economic news flow and the impact of the Omicron variant, but are keeping the probabilities of the scenarios unchanged.

The central scenario assumes that Covid-19 will become endemic with multiple, albeit manageable waves, that fiscal levers will remain significant and tied to monetary policy, that inflation will remain elevated throughout 2022, and that growth will come back to potential in 2023.

You can now read the full whitepaper at the link below