Economic rebound threatened by the Indian variant and inflation

The rebound in new Covid cases in some Asian countries and in the UK is a threat for the current economic recovery. In the US, this is more the slippage in inflation that could derail the recovery in the short-term. Consumers are starting to show clear signs of worry and the Fed is probably less comfortable than it wants to say. Chinese economic figures came out below expectations in April but yoy basis effects are huge. Bond yields have eased a bit and the USD is edging up after having lost some ground on Friday: the EUR/USD exchange rate is trading around 1.2130.