First Quarter | 2021

The strong performance of global equities continued in the first quarter, fueled, as it was in the fourth quarter, by progress on COVID-19 vaccination programs and the relaxation of pandemic-led restrictions in parts of the world. Due to an improving public health situation and the flood of easy money from unprecedented monetary and fiscal stimulus, many countries appear ready for a rapid economic recovery. But recovery expectations have investors bracing for inflation, leading to a spike in developed-market bond yields that spurred market volatility, though it did not halt investors’ enthusiasm for equities.

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