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Vaccine breakthroughs make it likely that life will become more functional again at some point in 2021, resulting in higher GDP growth and more robust corporate earnings, but increasing global COVID19 infections, new variants of the virus, tightening social distancing restrictions and delays in vaccine rollouts in some places, all increase the near-term growth risks.
If the market continues to trade off U.S. yields and diverging economic data between the U.S. and EU, it's hard to argue against the current direction in yields or the dollar, on the U.S. economic data front, the consumer remains the economy's backbone, and if this robust trend in the retail space continues to build, factor in a bit of wage growth pressure and the U.S. dollar will continue to move higher on the back of higher yields.
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