Markets responded favorably to the vaccine rollout, constructive housing-related and broad-based capital spending, expectations of continuing fiscal stimulus, and confirmations by the Fed, ECB, and BoJ that each will suppress rates and supply liquidity until the pandemic is over and actual inflation is an issue. Style returns across stock markets revealed significant differences in how inflation risks are being discounted. The pacing of economic inflation, therefore, will materially impact prospective regional and sectoral stock returns.