A snippet via a JP Morgan note:
- new infections have started to rise again over the last week or so in a number of economies
- The spread of more infectious variants is likely behind these recent moves, abetted in some places by loosened restrictions
- We will be carefully watching these data
Yes, worth watching, a rise in COVID-19 infections due to mutant variants could, if on a large scale, change the consensus narrative on reflation. I don't expect this will happen, but something to be aware of nevertheless.
