The dollar could become a source of inflation over the next year. Its current weakness could be followed by higher CPI inflation over the next six to twelve months.
U.S Treasury rates point to an increase in inflation in 2022, which will then decline over the subsequent two years back towards 2 percent.
Equity markets appear to have priced in a moderate loosening of COVID-19 restrictions this year, but anticipate a more profound change in 2022.