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Building back stronger? Only 27% of all respondents believe that the Covid-19 crisis will strengthen solidarity in the EU (Germany: 23%, France: 27%, and Italy 30%)
The Covid-19 pandemic not only caused millions of premature deaths, but it had also an impact on the number of births. In high-income countries the number of live births declined to record lows in 2020 as pregnancies were postponed.
After reflation, stagflation? While in the real economy the “Grand Reopening” party has just started, bond markets are seemingly positioned for a prolonged stagflationary scenario. Headline CPI reached 5% y/y in May but yields retreated.