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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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Senior Director, Investments

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