Arcano Economic Research have been anticipating for a few quarters now that the economic recovery in 2021 will come earlier and stronger than the economic consensus is expecting, a message that is starting to resonate. In our opinion, an issue of growing concern will be the related potential acceleration of inflation, which we anticipated before the summer of 2020. Moreover, the risk of inflation may trigger an interest rate hike. In fact, markets are already discounting that main central banks will start to raise official rates by late 2022 (Fed) and 2024 (ECB), though moderately.