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Focus: North American mid and large caps
MARKET OUTLOOK
What might move markets in 2021?
On the positive side, the economy is improving as we enter 2021. As a âshock-to-the-systemâ type of recession, released pent-up demand particularly for services will likely support economic growth in the second half of 2021. Central banks appear reluctant to remove monetary stimulus and interest rates on the shorter end will likely remain low.
However, the market does face some challenges in the coming year. Possible disruption from rising COVID-19 lockdowns exists. The vaccine rollout may not go as smoothly as expected particularly if people are reluctant to receive it. These shorter-term challenges are of lesser concern than longer-term ones including higher government debt levels, potential higher taxes to pay for fiscal stimulus, rising interest rates and rising inflation resulting from eno