We expect growth and inflation to peak in 2021 in developed economies, and we are focused on liquidity and flexibility in our portfolios.

The global economy is poised for a strong rebound, but investors should beware of market volatility stemming from pronounced inflation fears.

Vaccinations and fiscal support should lift the global economy in 2021, but several risks call for careful portfolio positioning.

Major economies are contracting, but extraordinary policy responses could limit severe recessions to this year.

Our baseline economic forecast is a U-shaped global recovery, but substantial unknowns remain.