Cycle Watch November 2021: Supply chains hold down growth

Businesses have faced a lack of qualified workers and continued supply shortages, yet surveys show manufacturing and service sectors continuing their expansion in the face of rising consumer prices and faster-than-average inflation which is expected to persist into 2022. Strong earnings and low rates have resulted in valuations above historic averages while credit spreads remain at near-record lows.  Headwinds to the double-digit returns some investors have become accustomed to could be on the horizon following the recent performance of bond and equity markets.

Find more insights on the markets and the economy in the November 2021 edition of Cycle Watch.