The world stock indices started this year with active growth - S&P 500 has by now added about 2.2%, Chinese CSI 300 (blue chips index) - 6.89%, Euro Stoxx 50 - 6.17%. However, UBS is in no hurry to believe in this rally, considering it deceptive, writes RBC.

The growth was promoted by the departure of China from strict restrictions to combat the pandemic coronavirus and lower inflation in the United States. However, UBS Chief Investment Officer Mark Haefele points out that the crisis is not over, which would be premature to believe, and economic statistics may be disappointing. The problem of inflation has not been solved either - there is a risk that its core indicator will be higher than expected. Concerns about rising prices were expressed in the past few days by two members of the Fed, James Bullard and Loretta Mester, who said that rates should be raised above 5%. Bullard estimates that the key rate will be 5.5% by the end of the year.