Global Macro Strategies Play Safe With U.S Inflation Hedges

Risk assets have swiftly recovered from the late January pullback as the news flow on multiple fronts remains supportive. Both the earnings season and economic releases keep beating expectations on both sides of the Atlantic, while most recent Covid-19 trial results suggest vaccination campaigns may accelerate substantially in Q2. In the meantime, central banks remain highly accommodative and their guidance suggests it is unlikely to change in the coming quarters.