FOR Seven months most investors have been singing the exact same uplifting track. Due to the fact Pfizer and BioNTech published the successful final results of trials of their covid-19 vaccine last November, the way to make money in markets has been to wager on a roaring rebound in the world wide economic system, as pent-up need for all the points the pandemic denied people—holidays, eating out, shopping—was unleashed. This “reflation” trade lifted the prices of commodities applied in development, this sort of as copper and lumber, to report heights. It lifted world-wide shares, particularly the share charges of corporations toughest hit by the pandemic, this kind of as cruise operators and stores. The currencies of rising economies, which are likely to gain extra than most from world wide financial power, rallied against the greenback and the euro. Bond yields climbed together with expectations of speedy development and higher inflation.