The pace of the recovery has been as breathtaking as was the precipitous fall just three months prior. A strong rebound in consumer spending, improved global industrial production and less dire predictions about housing and unemployment have policy makers (at least in Australia) working out how to rein in stimulus spending (Jobkeeper) now that the worst of the crisis has been averted.
While we did not dismiss the chance of a ‘W’ shaped recovery just 3 months ago (and second wave risks remain) the last quarter has all but dispelled that theory for now, as unprecedented central bank stimulus underwrites risk and as economies gradually reopen, a wave of optimism continues to support equity markets…
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