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Global Macro—In Depth

A deeper analysis of investment trends and topics across asset classes and global markets.

May 6, 2021

Gary Schlossberg, Global Strategist

Mary Rumsey, Investment Strategy Analyst

Michelle Wan, Investment Strategy Analyst

The Biden administration at the 100-day mark

Key takeaways

  • The pandemic’s human and economic toll has added to the urgency among Democrats for social and economic reform in the midst of a strong economic recovery. Balanced against the risk of economic overheating are prospects for increased productivity and growth potential, if policy is executed properly.
  • Strong economic growth and prospects for firmer inflation and interest rates align with our portfolio strategy recommendations of greater exposure to cyclically sensitive stocks and yield-enhanced bonds rather than a reach for yield in longer-term Treasury securities.
  • The Biden administration’s next 100 days likely will be marked by broadening initiatives beyond pandemic containment and fiscal stimulus to more underlying social and economic goals of income and social equality, enhancement of labor income, and climate change.