We stick with our modest equities overweight but are not buying the recent dip yet. The main reason: confusion over the supply-driven macro environment. Stocks fell further as the Fed flagged a likely rate hike in March and suggested it could front-load rate hikes even more than previously indicated. U.S. jobs data this week will show Omicron’s impact on the restart – but is unlikely to dissuade the Fed from kicking off rate hikes in March.
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