Fools, madmen, and post-pandemic projections

lowenthal-stefan

Stefan Löwenthal

  • Senior Vice President, Chief Investment Officer — Global Multi Asset Team
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wurzer-juergen

Jürgen Wurzer

  • Vice President, Deputy Head of Portfolio Management, Senior Investment Manager — Global Multi Asset Team
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Vaccines may ultimately help contain the COVID-19 crisis, but global financial markets may feel the impact for the foreseeable future. In this outlook, “Fools, madmen, and post-pandemic projections,” the Macquarie Multi-Asset Team examines whether monetary and fiscal policy can help support a sustainable economic turnaround.

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IMPORTANT RISK CONSIDERATIONS

The views expressed represent the investment team’s assessment of the market environment as of February 2021, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice.

Investing involves risk, including the possible loss of principal.

Past performance does not guarantee future results.

Diversification may not protect against market risk.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

Healthcare companies are subject to extensive government regulation and their profitability can be affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, and malpractice or other litigation.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the strategies from executing advantageous investment decisions in a timely manner and could negatively impact the strategies’ ability to achieve its investment objective and the value of the strategies’ investments.

As a class, equities carry higher risks than bonds or money market instruments.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

All charts are for illustrative purposes only. Charts have been prepared by Macquarie Investment Management unless otherwise noted.

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.

The US Consumer Price Index (CPI) is a measure of inflation that is calculated by the US Department of Labor, representing changes in prices of all goods and services purchased for consumption by urban households.