It looks like a quiet week for global markets, with no major central bank meetings and only a handful of key data releases. The highlight may be the US CPI data, which will tell us how inflationary pressures are evolving, but even that is likely to pass unnoticed. Instead, the main driver for markets may be any signals around a new relief package once the Democrats take over the US government. If so, the ‘reflation trade’ could continue to dominate.

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