Multi Asset Monthly: When consensus becomes a pain trade

The economic normalization process is well under way, notwithstanding a flare-up in new coronavirus cases. The return to normality is most evident in regions where the vaccine roll-out has been smooth. Inflation numbers have risen sharply, but we see this as transitory. In July the ECB sent a dovish message, while the Fed signalled it is on track to announce tapering in the fourth quarter.