Inflation, according to Aspiriant, will gradually return to pre-pandemic levels, although Grecsek said the firm is taking some protective measures to guard against inflation in case that projection is wrong. “The economic data on inflation will be very noisy, which may add to market volatility over the near term.”
The combination of factors at play now indicates global diversification is key in this market. “For example, in Europe, we expect solid earnings growth but with fewer policy risks than in the U.S.,” Grecsek said.