Cardinal Quarterly – January 2022

Market Outlook – Consumers Poised to Drive Market Returns in 2022 – Global stock markets hit record highs at the end of 2021, fueled by the strongest GDP and corporate earnings growth in decades. There’s no debate about the source of this growth. Since the start of the pandemic nearly two years ago, governments around the world have unleashed nearly $15 trillion in global stimulus spending to offset the negative impact of COVID-19 lockdowns. Although the benefits of stimulus spending have not been spread out evenly, consumers are poised to provide a considerable boost as they’re currently sitting on record bank deposits, lower debt and strong wage increases. 

• Our outlook for Cardinal portfolios in 2022 is for returns in the 15 per cent to 20 per cent range, although they are somewhat less optimistic for the overall market.

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