Resumo do Relatório
Higher US Rates Are a Good Thing
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Unprecedented liquidity provided by the Fed as well as the significant fiscal stimulus passed to date and the Biden administration’s USD 1.9 trillion rescue plan will all but guarantee that headline inflation will be higher in the coming months.
However, this will be more of a mechanical issue than a secular trend. Investors should ignore the noise, follow the Fed and look through it. Rates will be higher as well, and that’s a good thing.
Higher rates imply that Covid is being brought under control, that the economy is reopening, confidence is growing and as a result money will cost more. What’s wrong with that? Consider the alternative: Covid beats the vaccines, lockdowns persist, confidence is lost, deflation and negative UST rates beckon – is that preferable? Of course not.
In our view, the key to investment success in the coming six months is simply this – ignore the inflation/higher rate debate.
Jay Pelosky
Estrategista Global - TPW Advisory
Nova York, EUA
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