Salman Ahmed (Fidelity International) | Georgia run-off elections on 6 January handed the Democratic party effective control of the US Senate with a slim majority that will limit the ambitions of a Biden presidency. However, this will be able to boost fiscal spending to help the economy recover from Covid-19 and grow by more than 7% in 2021. This further strengthens the reflationary thesis, but means a potential taper tantrum is top of the list of factors we are watching.