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LGT Beacon: Annual outlook: global reflation takes hold

February 1, 2021

With the Democrats winning Senate control earlier this month, the new US administration has received the mandate to add even more fuel to the already highly expansionary fiscal and monetary policy regime. The Rise of Big Government has been long in the making and is thus here to stay. It is a reflationary force and supports the case of a lasting bull market.

Unprecedented times call for unprecedented measures. With the lingering fallout of the last debt binge, an ongoing global health crisis and potentially devastating climate change in the making, we are facing challenges of historic proportions.

Governments have begun to respond with resolute determination, spending, lending and regulating like never before. Financial markets too have become a tool for policy, distorting asset prices and correlation patterns in the process.

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Note: The next edition of the LGT Beacon is scheduled for February 2021.