Råvarer og ikke mindst metal-aktiverne kan få et løft i den kommende tid på grund af den ekstremt lave inflation og coronakrisen, vurderer Merrill. Prisen på råvarer plejer at stige, når der kommer gang i økonomien, og når inflationen stiger. Merrill venter, at metal-priserne i det kommnde år vil stige til trenden fra de seneste år.
Commodities Benefiting From Reflationary Policy
The swift recovery in commodity prices since April has been one of the early signs of policy success in fighting the effects of the pandemic shutdown, and of a reflation cycle taking hold in the U.S. and global economies, in our view.
With monetary and fiscal policy decisively pursuing above-trend economic growth for the foreseeable future because of large slack in the economy and subdued inflation pressures, the commodity upcycle likely has more room to run.
including expanding asset purchases and lending programs. At the same time, fiscal policy is poised to inject more direct stimulus in the economy.
