Quarterly Review & Outlook-1st Quarter 2021

Patience, that blend of moral courage and physical timidity.
‐ Thomas Hardy, Tess of the d’Ubervilles

Real‐time economic data show growth is accelerating and the debate has now turned to inflation. There is evidence of pricing pressure in various sectors, which to some extent is a feature of a strong recovery. The policy response prevented scarring and left people primed and ready to spend into an economy that is underemployed and underequipped to meet near‐term demand. Eventually, supply chains will heal and restaurants will find staff. And then what?

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