The air is thick with macro-relevant developments. On the positive side; vaccines continue to be distributed, fatalities should begin falling sharply over the next few months, and the economic damage from the second wave remains fairly small. On the negative side; it seems inevitable that the new more aggressive virus variant will become the dominant strain, the U.S. and Canada recently recorded job losses in December, and inflation concerns are rising.

Click here for the full report; RBC GAM MacroMemo.