As the vaccine rollout takes effect, the U.S. economy is set to benefit from several tailwinds through the second half of the year, including the prospect of a full reopening, a boost to spending from accumulated savings and further fiscal stimulus. Latin America will take longer to recover.

Real estate tenant demand has turned a corner, supported by improving economic conditions and a strengthening labor market. The Federal Reserve remains committed to supportive monetary policy, and the prospect of low interest rates remaining in place points toward further yield compression.

With parts of the retail and office markets facing structural headwinds, investors are increasingly turning to nontraditional sectors as sources of resilient, income-driven performance. Although Mexico will only gradually recover from its domestic demand decline, the export-oriented manufacturing and ecommerce sectors continue to expand.

Given our assessment of the outlook for the America