In this first podcast of 2021 Karen Ward, JPM’s Chief Market Strategist for the EMEA discusses the outlook for markets overall before focusing on some of the key issues facing investors. We ask her what the implications are of Biden’s new administration. Whether this cycle will be like the last, particularly with regard to inflation. We ask about the various drivers of the dollar and then consider the implications for other markets. Most obviously when will the Fed start to taper their extraordinary stimulus? But also can commodities keep their recent strength up, particularly if China that has also avoided the worst of the COVID challenge refocuses on reducing leverage and away from boosting growth. Finally we ask Karen whether she sees signs of speculative excess.