Overall, the past week has brought a neutral to slightly improved set of macro-relevant developments. Some positives include; the COVID-19 infection numbers are now improving in many parts of the world, the pace of vaccinations continues to accelerate, the new U.S. administration should offer greater political stability and probably more fiscal stimulus, Chinese economic data has been very strong. Conversely, negatives include; the new virus variant continues to spread, and may be more fatal than first thought, evidence of vaccine nationalism continues to mount, suggesting an inconsistent pace of inoculation across developed countries.

Click here for the full report; RBC GAM MacroMemo.