The inflation pressures we expected are here – and are persistent. This is not stagflation, and we remain pro-risk. But confusion over price surges is a risk. Global equities rallied as the third-quarter corporate earnings season kicked off with strong results in the U.S. We are focused on signs of cost pressures. We’re watching the global Purchasing Managers’ Indexes this week for readouts on manufacturing bottlenecks and the strength of the economic restart.
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