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Featured ACM Insight and Updates
– Q1 2021: Quarterly Review & Updates
The economy is now in full sprint, after being “Off to the Races”, as we wrote a month ago. Payroll jobs surged by 1.07 million in March, including upward revisions to prior months, and additional mega-sized jobs gains are likely in the coming months, as vaccinations continue to roll out rapidly and the economy reopens.
Consistently, stocks had a terrific month with the S&P gaining 4.2%, while bonds got crushed, as we’ve been warning, with the 10-year Treasury soaring 81 basis points in yield (admittedly even faster than we anticipated). We expect all of these trends to continue in the second quarter.
The macro story is actually quite straightforward. As vaccinations inoculate ever larger fractions of the population, governments will permit more businesses to reopen, and people will be anxious to get back to their lives.
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