JUSA - On Post-Pandemic Growth And Inflation Equity Prospects And Income-Seeking Strategies

• The rebound in consumer participation is an important part of the growth story we’ve seen in 2021, with accommodative monetary and fiscal policies also playing an important role.
• Going forward, we see these forces continuing to drive growth - albeit with some moderation - as consumers are in a strong place to spend and policy accommodation seems likely to continue over the next 12-18 months.
• As lockdowns ended, we saw a lot of pent-up consumer demand unleashed. While the Delta variant adds risks to the outlook, overall we see some healthy tailwinds for the US consumer.
• Inflationis the other side of the coin. Economic activity essentially came to a haltwith COVID-19-related shutdowns; restart of activity created supply chainbottlenecks and pockets of inflationary heat.

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