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February 24, 2021

Growth and inflation trends continue to improve even before getting to the weakest part of the 2020 data, which is pushing interest rates higher globally.

Our economic outlook for the last few months has been that the rate of change in GDP and inflation should likely accelerate through the first half of 2021.  As a result, there are three major market implications: a lower U.S. dollar, higher commodity prices, and higher interest rates.  Those trends feed into other asset classes,...
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