JEPI - 3 Potential Paths For Markets In 2021

• To address the breadth of possibilities that lie ahead in this environment, our global outlook for 2021 includes a base case, an upside scenario, and a downside scenario.
• In our base-case scenario, we expect equities to outperform fixed income as growth moves above trend, the global earnings cycle recovers, and ample money supply growth supports risky assets.
• In our upside scenario, we would take a more "risk-on" approach, expecting equities to more dramatically outperform fixed income.
• In our downside scenario, we would take a more "risk-off" approach, expecting fixed income to outperform equities.

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