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Illustration: Aïda Amer/Axios

With 2021 soon in the rearview, the economic tumult of 2020 is looking more and more like a faded “scar,” J.P. Morgan Asset Management's team told reporters on Monday.

Why it matters: “Bold” and coordinated fiscal and monetary policies not only helped soften the pandemic’s blow — they also set up conditions for more corporate and economic growth, they said.

The big picture: The passage of the $1.2 trillion infrastructure bill on Friday is a further example of the U.S. government's willingness to spend in order to drive economic activity, said David Kelly, the firm's chief global strategist.

  • That, along with strong corporate profits and low-interest rates, points to strong capital spending in the U.S. over the next 10 to 15 years, he said.

Yes, but: Global growth will likely moderate compared to the last decade, as expansion in China — the world's second-largest economy — slows down.

The bottom line: “[T]he growth outlook is pretty good, all things considered — and certainly, it does not look like the global economy has been in any way permanently scarred by the pandemic,” Kelly said.

Go deeper ... "Axios on HBO": Jamie Dimon on China, his salary and racial equity

Go deeper

John Frank, author of Denver
Dec 6, 2021 - Axios Denver

New Colorado economic outlook shows slowing job growth in 2022

Expand chart
Data: Colorado Business Economic Outlook; Chart: Jacque Schrag/Axios

Colorado is expected to exceed pre-pandemic employment levels in 2022, but job growth will come slower than this year.

The latest: The Colorado Business Economic Outlook set for release Monday suggests we will no longer rank in the top 10 states for employment growth in 2021 or 2022.

Updated 12 hours ago - Axios Twin Cities

Minnesota projected to have $7.7 billion surplus

Illustration: Brendan Lynch/Axios

Minnesota's state economists are now projecting a $7.7 billion surplus for the government's general fund.

Driving the news: The state Department of Management and Budget (MMB) released its updated budget forecast on Tuesday, giving lawmakers and residents a sense of Minnesota's financial health for the next two-year budget.

D.C.-Beijing tensions are shifting markets

Illustration: Aïda Amer/Axios

U.S. markets stand to lose $2 trillion in value if D.C. and Beijing drift further apart.

Why it matters: Political chasms are showing up in new securities regulations that put companies and investors in a bind. The rules are also another reflection of how much relations between the world’s largest economies have cooled, even as they remain economically interdependent.