ong-term government bond yields in the US and Germany have dropped significantly, raising questions on the solidity of the economic recovery.
There are at least four factors holding back the recovery: the reacceleration of Covid infections, the loss of purchasing power caused by inflation, the tightening of lending conditions in China and a the prospect of a less accommodative Fed.
This is a combination that implies a certain degree of uncertainty in the immediate term, but which should be positively resolved.
Audio recorded on 29.07.2021