Welcome to another edition of Vantage Point. Since we last published three months ago, world economic activity has continued to pick up strongly, particularly in those countries that have rolled out vaccinations to a large proportion of the population. Financial markets priced in the strong ‘V’ some time ago, and are now looking beyond, with much focus on what will happen to inflation particularly in the US. We cover this reassessment and its impact on markets and investment conclusions in our new Vantage Point.