硅谷银行-2021Q2全球商业与经济状况报告（英文）-2021.5正文版.pdf

Quarterly Economic Report Inside views on economic and market factors Q2 2021 affecting global markets and business health Quarterly Economic Report Published in Q2 2021 | Data for Q1 2021 3 Overview of Q1 2021 4 Domestic Economy 12 Foreign Exchange 17 Central Banks 23 Markets and Performance SVB Asset Management | Quarterly Economic Report Q2 2021 2 0421-0095MS-033122 OVERVIEW Key takeaways Economic data supports signs of recovery Unprecedented fiscal stimulus and ongoing vaccine distribution will continue to boost growth this year. • Growth and inflation expectations are increasing Accommodative monetary policy as economies continue to The Fed revises inflation and growth forecasts higher for 2021 but recover. plans no change to rates through 2023. • The Federal Reserve has Central banks taken an outcome driven Globally, central banks continue to maintain low rates and add fuel to quantitative easing to support the economic recovery. approach and will wait for data to indicate the recovery COVID-19 unwind favors weaker USD is solid before raising the USD bull run ends while purchasing power parity exchange rate federal funds target range. valuation suggests that the USD is still broadly over