In its most recent Global Economic and Markets Outlook (GEMO), compiled in December 2021 and covering Q1 2022, Fathom probed the underlying conditions that are sustaining high inflation, and how inflationary traits manifest in the financial markets. One important question is whether the excess savings created by fiscal support, and by the inability to consume due to restrictions, have now been spent. Does there remain a potential for spillovers on inflation and growth?

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