Federal Reserve Bank Chairman Jay Powell was right to observe that the US economy is at an “inflection point”. In fact, there are several inflection points approaching — in global economic activity, in how the pandemic is being managed, in important policies which affect markets and companies and in geopolitics. The next few months are likely to be turbulent, to say the least. Economic prospects are likely to brighten, underpinned by a growing likelihood that the economic damage caused by the pandemic is reversing. But, changes in policy and geopolitical developments could unnerve financial markets, particularly emerging markets.

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