
We see 2022 heralding a new market regime by delivering global stock gains and bond losses for a second year in a row - a first in about half a century. Stocks rallied back to near record levels and yields rose last week as worries of Omicron dissipated. China’s central bank loosened policy to shore up growth. The focus this week is on central banks, with potential clues on tapering (Fed), rates (Bank of England) and more accommodation (European Central Bank)