US
2.5 Stars - Neutral
Macro Outlook
- Growth should remain strong in 1H22, on the back of an improving labor market and productivity. While Omicron may present a risk, we expect growth to remain resilient.
- Inflation prints should remain high in 1H22. Policies are likely to tighten with rate hikes coming in as early as March and a run-off in balance sheet after.
What we like about
- Earnings growth and margins remain strong even at this stage of the global recovery.
- Growth outlook remains strong relative to most markets.
Investment Risk(s)
- Higher yields, especially real yields, could weigh on growth stocks which are higher in equity duration.
- Stretched valuations present de-rating risks, especially if earnings disappoint.
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