The unfolding surge in economic activity as economies reopen may endure for another year or more.
Unlike February’s sharp intake of breath, this week’s equity market gasp had little to do with rising interest rates or long-term borrowing costs per se.
Beyond the States, JPMorgan’s April global business survey indices hit a 14-year high.
Precautionary cash held by many firms during the pandemic is being freed up again, with buybacks tending to come in advance of a rebound in dividend payouts and year-to-date U.S.