After last year’s false start, the prospects for a sustained reopening of economies through the
second half of 2021 appear promising. The vaccination rollout as well as prior COVID-19 infections
mean 60-70% of the population in most developed economies should have some immunity by early
in the third quarter. This, plus the large U.S. fiscal stimulus has shifted investors from worrying that
growth will be too slow, to now fearing that growth will be too fast and put more upward pressure
on interest rates

For the full report, download the APT Q1 2021 Investment Survey.

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