JPMorgan: "Full global recovery" in 2022

JPMorgan Chase Global Research says in a forecast to clients: "2022 will be the year of a full global recovery, an end of the global pandemic, and a return to normal conditions we had prior to the COVID-19 outbreak."

The big picture: The bullish report sees "a return of global mobility, and a release of pent-up demand from consumers (e.g. travel, services)."

What they're saying: Marko Kolanovic, chief global markets strategist and co-head of Global Research, says that forecast "is warranted by achieving broad population immunity and with the help of human ingenuity, such as new therapeutics expected to be broadly available in 2022."

• "We believe this will produce a strong cyclical recovery, a return of global mobility, and strong growth in consumer and corporate spending, within the backdrop of still-easy monetary policy," he added.

Yes, but: Kolanovic also warns that "there are risks that investors will need to monitor and manage in 2022."

• "They include increased geopolitical tensions in Europe and Asia, a looming energy crisis, uncertainties around high inflation, and normalization of monetary policy."