In the particular case of the United States, the strengthening of the short-term growth outlook, resulting partly from the fiscal stimulus underway, may have raised expected corporate profits and thus supported asset prices through most of the run-up to the sharp market corrections of recent.
Over 2021 as a whole, the economy grew by 4.2 per cent, taking the level of GDP to 3½ per cent above its pre-COVID19 level (Graph 1). This is a very good outcome by global standards, which is something we should not forget. 1/1  BIS central bankers' speeches