Stay patient while waiting for vaccine

After upward revisions to global growth by the IMF, G20 participants agreed on a boost to the IMF's emergency reserves and on an extension of the debt servicing freeze for developing countries. Global growth should be shored up by additional fiscal support and vaccine progress. Yet, policy makers stay wary amid new virus variants and uneven vaccine distribution. Fed officials want to see more progress towards stronger employment, while the ECB will look through higher (driven mainly by one-offs) inflation. April investor morale has risen in the euro area spurred by a better perception of the current situation and sentiment in the euro area services sector edged higher with PMI services nearing the 50 reading, all pointing to better growth prospects. Yet, all will depend on the near-term infection dynamics.