The global healing process is gathering strength. The United States is now progressing through a durable recovery, moving quickly toward a full-fledged expansion. Vaccine rollouts are underway, economic reopening is picking up steam and policy remains supportive.

At the same time, divergences among global economies are becoming evident. Growth momentum and policy support are likely past their peak in China while approaching a peak in the U.S. The eurozone and some emerging markets are farther behind still, though will likely catch up as they bring the virus under control. What does this mean for investors?