As noted in our previous reports the much-awaited global recovery from the onset of Covid-19 is facing significant headwinds. As the fallout from the crisis becomes clearer in scope and view, ensuing challenges remain daunting. The interplay between the factors will continue to evolve having an effect in the short and medium-term, the monitoring of these relationships will remain at the forefront of future communications. Since our last update, monetary authorities have taken the task of maintaining the ultra-low rates in the near future and have reinforced it by projecting low rates in the medium term, while leaving the door open for further interventions pending upcoming events. On the fiscal side, speculations regarding the relief packages are not considered in our assumptions.


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RC - Author - DEFEND Monica
Head of Amundi Investment Institute & Chief Strategist, Member of Amundi’s Executive Committee
Head of Quant Solutions, OCIO Solutions
CFA, Senior Quantitative Analyst, OCIO Solutions
RC - Author - PORTELLI Lorenzo
Head of Cross Asset Strategy, Head of Research at Amundi Italy, Amundi Investment Institute