Happy New Year to all of you. As we are all slowly and gradually returning from holiday, our macro-economic year starts with a very light update and forecasts. Luckily, we were not completely wrong with our big outlook pieces at the end of last year which would require us to give you a fresh overhaul of our predictions in January. The big themes for 2022 are still the same: virus, inflation, supply chain frictions, and the grand policy rotation with central banks exiting ultra-loose monetary policies and governments shifting towards longer-term fiscal stimulus. As the world continues to face the Omicron wave, even ... (full story)