Raoul’s offering for Macro Insiders Deep Dive this month is a bumper edition. He starts off by reviewing some of the extraordinary events of 2020, putting them into a context that is replete with surprises. As 2020 barrelled us into the largest recession of our lifetimes, a global pandemic stopped the world, everything from US elections to Brexit highlighted political polarisation, the money printer saved the day, and equities rallied to new all-time highs as bond yields made new record lows. How all this resolves, will make for a dynamic 2021. But will it be a macro world or a more nuanced mix of macro and micro?