Production of COVID vaccines is rapidly growing and expanding with more vaccine candidates in the pipeline. Vaccinations are administered in increasingly higher numbers with countries like the United Kingdom and United States among those with the highest vaccination rates so far. As restrictions are gradually  being loosened, the economic recovery is all but certain to take shape throughout the remainder of 2021 and to get into full swing in 2022.

March was a month with overall solid gains in Europe and the United States. Yields on 10-year Treasure notes stabilized after strong gains since November last year, somewhat easing concerns on potential interest rate hikes. Rising bond yields have kept markets on edge so far this year on concerns that an economic recovery from COVID-19, combined with fiscal stimulus, could cause a spike in inflation from catch-up consumer demand when lockdowns end.