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Article | Global Markets Overview

Global Markets Overview: November 2021

By David Hoile | November 24, 2021

Tracking recent asset price moves and our outlook

In this month’s Global Markets Overview:

Key Points for November

  • Inflation has risen sharply; we still expect it to slow equally sharply in the second half of 2022.
  • Measures of prices rose sharply in October in the major economies. The U.S. headline Consumer Prices Index (CPI) jumped 6.2% from a year ago – the highest rate since December 1990. In Europe, the CPI rose by 4.1% and 4.2% in the 12 months to October, for the Eurozone and UK respectively.
  • The main drivers of high inflation still look to be short-term, e.g., rising commodity and electricity prices, the reversal of COVID-19 stimulus-related tax cuts, and rising global goods prices from supply-chain bottlenecks.
  • Central bank guidance has become more tilted towards increasing policy rates, especially in the US and UK, in the face of above-target inflation and robust growth. Nevertheless, we expect the rise in short-term interest rates to be gradual, as inflation pressures fade.

To stay up-to-date and receive additional special feature reports from Willis Towers Watson on global capital markets, please contact David Hoile.

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Global Markets Overview: November 2021 PDF .4 MB

Global Head of Asset Research at WTW

David is the Global Head of Asset Research at WTW, responsible for economic and capital market research. He also is a member of the Investment Assumptions Committee, who help guide investment policy globally.

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