Economies and financial markets saw varying degrees of normalisation in 2021, and contrasts across investments were stark, or even paradoxical at times. Vaccine distribution and adoption in developed countries allowed for some return to economic normalcy, while developing countries still had to contend with the lingering virus more so than other countries.
Within financial markets, pockets of euphoria drove cryptocurrencies and meme stocks, as well as some tech giants "to the moon," while bond markets—aided by central bank accommodation—kept interest rates near rock bottom. These conflicting observations present a greater challenge to our 2022 forecasts and impose wider bands around our confidence levels, but our base case is outlined....
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