Moped riders in Tapei, Taiwan, wait at a traffic light on May 18. After keeping Covid-19 under control for months, Taiwan is grappling with a recent wave of infections. With many societies still far from achieving herd immunity, we need to be prepared to coexist with the virus over the coming years. Photo: Reuters Moped riders in Tapei, Taiwan, wait at a traffic light on May 18. After keeping Covid-19 under control for months, Taiwan is grappling with a recent wave of infections. With many societies still far from achieving herd immunity, we need to be prepared to coexist with the virus over the coming years. Photo: Reuters
Moped riders in Tapei, Taiwan, wait at a traffic light on May 18. After keeping Covid-19 under control for months, Taiwan is grappling with a recent wave of infections. With many societies still far from achieving herd immunity, we need to be prepared to coexist with the virus over the coming years. Photo: Reuters
Aidan Yao
Opinion

Opinion

Macroscope by Aidan Yao

With Covid-19 persisting and the inflation outlook uncertain, investors should tread cautiously

  • Markets must adapt to the likelihood of the pandemic lasting years, and adjust growth expectations accordingly
  • Inflation in the longer term will depend on whether the forces of ageing populations and globalisation are stronger than the impact of unprecedented monetary stimulus

Moped riders in Tapei, Taiwan, wait at a traffic light on May 18. After keeping Covid-19 under control for months, Taiwan is grappling with a recent wave of infections. With many societies still far from achieving herd immunity, we need to be prepared to coexist with the virus over the coming years. Photo: Reuters Moped riders in Tapei, Taiwan, wait at a traffic light on May 18. After keeping Covid-19 under control for months, Taiwan is grappling with a recent wave of infections. With many societies still far from achieving herd immunity, we need to be prepared to coexist with the virus over the coming years. Photo: Reuters
Moped riders in Tapei, Taiwan, wait at a traffic light on May 18. After keeping Covid-19 under control for months, Taiwan is grappling with a recent wave of infections. With many societies still far from achieving herd immunity, we need to be prepared to coexist with the virus over the coming years. Photo: Reuters
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Aidan Yao

Aidan Yao

Aidan Yao is senior emerging Asia economist at AXA Investment Managers. Prior to joining AXA IM, he was a senior financial market analyst at the Hong Kong Monetary Authority for two years. He started his career at the Reserve Bank of New Zealand in 2007, serving as an economist and later senior financial market analyst until late 2011. He holds a master degree in finance (2006) and a bachelor degree in economics and finance (2005) from the University of Otago (NZ). He is also a chartered financial analyst.