A mind-blowing recovery, but at what cost?

Rapid vaccination campaigns in most advanced economies have paved the way for
a remarkably fast global economic recovery. We expect a further acceleration of
economic activity in the second half of the year as advanced economies continue
to loosen restrictions. Increased household spending will continue to be the
main driver of this rebound. A key threat to this consumption-driven recovery is a
sustained pickup in inflation, certainly if the major central banks act too la