Global equity markets are celebrating the prospect of a rapid acceleration in economic activity and the remarkable ingenuity of humanity; the light at the end of the tunnel burns brighter by the day. That’s the good news. The bad news is that much stronger economic activity, driven by $22 trillion of monetary and fiscal stimulus, will deliver higher inflation and higher bond yields. It’s back to the drawing board - this herculean tug of war between stronger economic growth and higher bond yields will be the defining battleground of 2021 and will be accompanied by violent and...