In this commentary, we look at three themes shaping our thinking: a shift in who is leading the market, the return of income as a meaningful source of return, and an economy that, in our view, is growing steadily rather than heading toward either extreme.

While COVID-19 rendered many 2020 forecasts obsolete within the first few months of the year, several of BMO Global Asset Management’s key calls proved accurate. Though 2020 was a year of many challenges, we are optimistic for 2021 and expect improved economic conditions and better times ahead.

Over three days a selection of our investment managers, economists and strategists congregated in London for our annual Global Investment Forum (GIF). The GIF is designed to tune out the day-to-day market noise and focus on key market drivers over the medium term.