Highlights:

• The approaching end of the monetary stimulus and supply chains disruption are keeping markets nervous.
• Yet the success of vaccination and the still substantial policy support (especially in Europe) should prevent the worst.
• Bond yields are increasing and real yields will start adjusting to the incoming tapering. But the move will remain contained.
• We maintain a very prudent pro-risk bias, as equity returns - while decreasing - are still higher than bonds.

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