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Fixed Income Q1 2021 Market Outlook.Entering Into Vaccine-Driven Normalization

2020 closed with a diminishing risk premium, as vaccine hopes and expectations of a growth rebound solidify. Massive policy easing in 2020 was much needed in calming markets while coping with the economic shocks brought by COVID-19. Into 2021, the vaccine rollout, accommodative monetary policy and fiscal stimulus should fuel a further growth recovery globally. Market optimism could wane over time due to the fear of diminishing liquidity support from 2H21 and a slow vaccination rate, eventually resulting in greater market volatility. We believe such an environment presents better investment opportunities as valuations have also shifted higher.

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