Via MS:
A new year. A new presidential term. Both events are traditionally passages from the old to the new, when we look back and look ahead. And both serve as useful and necessary reminders: While it’s a new year and the US has a new president, many of the themes and challenges facing the market look highly familiar.
One of those themes is our belief in stronger growth and reflation. That won’t be my focus today, but it matters. Morgan Stanley’s forecasts for global growth and inflation remain well ahead of consensus estimates for 2021. I’m constantly asked, “Where do you differ?” This area is a big one.
