JHML - Market Outlook: COVID And Its Impact May Be Persistent

• The highly infectious COVID Delta variant is spreading rapidly, even in highly vaccinated countries, testing the will of governments to continue the reopening process and threatening the economic recovery.
• Inflation remains elevated due to high consumer spending, supply chain bottlenecks and labor market issues. Inflation has likely peaked though and fears of hyperinflation should recede as the year progresses.
• Stock market valuations globally are elevated by historical standards, like most financial assets. While forward returns are likely to be weak, valuations may remain high for the foreseeable future.

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