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Markets have been propelled by a fairly simple story in the past nine months, split across two themes.
First, market prices have been driven by the expectation that vaccination will once and for all allow us to put the virus in our rear-view mirror, and secondly, that fiscal and monetary policy will remain primed for support.
As far as the success of the vaccines is concerned, it is crucial to remember that the final path to a full reopening is as much a question of politics as it is about epidemiology.