- Last month, the fear was excessively high inflation but in the first week of July growth fears have come to the fore.
- A weaker than expected non-manufacturing PMI in the US has triggered a sharp decline in global government bond yields.
- The UK’s vaccination program may have cut COVID-related hospital admissions by a factor of 5 according to our preliminary estimates, which means a surge in cases may not translate into an economy-wide lockdown in the autumn.
For further details see:
Global Perspectives: Growth Wobble Unnerves Markets - Can U.K. Keep Delta In Check?