Weekly Bottom Line
- Last week was a wild week for investors. Following a sharp sell off to start last week, risk sentiment rebounded, sending the S&P 500 back to a record high level.
- The spreading Delta variant is cause for concern for both investors and economic forecasters. In the UK, the spread is approaching levels last seen at the start of the year. Fortunately, hospitalization and death rates are much lower.
- At this stage of the recovery, the ongoing pandemic is more of a supply than a demand challenge, likely to weigh on economic growth but not reverse it, and making elevated inflation less transitory
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