Even Europe, by the MSCI index, has come to trade at pre-pandemic levels. But we are not like in April 2020. We know much more about the coronavirus and society is more prepared to deal with it.
The chairman of the fed, has acknowledged that, in fact, inflation is proving to be more persistent than expected, and therefore, not transitory anymore.
We are concerned about the human toll and expect renewed restrictions on activity. We still favor equities for now, but would change our stance if vaccines or were to prove futile.