10 May April 2021 Commentary: Happy Anniversary, Inflation!
- All asset classes rose for the month, and most have generated year-to-date returns that would be considered attractive for an entire year.
- Policymakers promised continued and extraordinary support despite rising inflation expectations.
- If passed into law, the American Families Plan proposed by President Biden would raise corporate taxes and create the highest capital gains tax rate since the 1920s, but history suggests the impact on markets is uncertain.
- The larger determinant of markets may continue to be supportive policy, and that will be dictated by how consumers, elected officials, and other policymakers perceive higher inflation.
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