The pandemic outbreak altered the cycle of financial regimes we had in mind at the end of 2019, with consequences extending over the medium term: after a sharp contraction in 2020, 2021 will see a “recovery” in the growth and profit cycle with a rebound in risky assets while in 2022, we expect a normalization towards a late cycle.
Annalisa USARDI, Federico CESARINI, Lorenzo PORTELLI
Central banks’ “beautiful” normalisation of balance sheets and rates will drive the transition from a reflationary into a late financial cycle regime against a backdrop of consolidating growth (from both a macro and micro fundamental standpoint) and subdued inflation.
Monica DEFEND, Lorenzo PORTELLI
Amundi Research & Investment Insights Unit , Valentine AINOUZ, Sergio BERTONCINI, Federico CESARINI, Monica DEFEND, Debora DELBÓ, Eric MIJOT, Lorenzo PORTELLI, Ibra WANE