As we peer into the New Year, there are no fewer challenges to consider.

The pandemic is one we hoped would be a mere remnant of the past year. It lingers, but the world has become much more optimistic thanks to vaccinations and therapeutics leading to a shift to an endemic phase that could be effectively managed.

Additionally, on the global stage: Simmering Sino-American relations persist and a recent effort to re-engage with Iran may lead to a détente, which could curb the near-term risks associated with that country’s efforts to nuclearize—a potentially destabilizing factor in the Middle East and oil markets.

Domestically, although shared globally, is a bout of inflation that has been running higher for longer than anticipated by central planners. This could invoke a shift in policy settings that complicate the macroeconomic landscape.

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