UBS Global Wealth Management is betting on a reflation trade in the United States and globally linked to economic reopening as the world emerges from the COVID-19 Delta variant, Mark Haefele, chief investment officer at the world's largest wealth manager, said.
"Not all of the inflation is going to go back to deflationary levels," Haefele told the Reuters Global Markets Forum on Thursday, adding that he was bullish on equities, specifically the energy and financials sectors, along with Japan.
Haefele, whose firm manages $3.2 trillion in assets, said he didn't think there was a bubble in the equity markets, and expected the S&P 500 "We're not there yet ... I think the Fed has left itself a lot more room to be lenient, because they've moved to this average inflation targeting ," Haefele said.
"I think Chair Powell ... wants to avoid that situation ... The Fed will run hotter before they start talking about things like raising rates," he said, which should cushion a blow around any taper tantrum.
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