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2021 Mid-Year Macro-Economic Forecast

The Anfield Investment Committee just completed its mid-year review of the firm’s macro-economic forecast. The team revisited factors such as Fed Policy, Inflation, US GDP, and US Unemployment, amongst others. Broadly speaking, we now see a world where the major central banks (US, UK, Europe) are stable and monitoring for potential rate increases in the years to come, while there are central banks in some less developed economies have been taking action to either spur growth or reign in their economies. Also, the summertime has seen robust economic growth as the population continues to become vaccinated and life returns to a more normal status. This view remains generally constructive for risk assets, in particular stocks. We still view debt markets as strained and will remain so for the foreseeable future. Further, perhaps highest on the list of risks - at least according to the pundits - is inflation. We believe some inflation is actually good, but are the current price increases we are experiencing now just a blip or is this a time of sustained increases for a longer period followed by normalization? While we would need to see more data for a conclusion, this is something that will be high on our radar. Additionally, we see employment and wage growth within the US as something that will play a large role in the back half of 2021, as unemployment benefits expire. Will those who have been out of work try and go back to their former industries? Or perhaps people will be exploring new opportunities? As with most of the larger macro-focused questions on the market’s mind, only time and data will tell.

Anfield Capital Management, LLC is a registered investment adviser with the SEC. This report is for informational purposes only and does not constitute advice, an offer to sell, or a solicitation of an offer to buy any securities and may not be relied upon in connection with any offer or sale of securities. The contents of this report should not be relied upon in making investment decisions. The information and statistical data contained herein have been obtained from sources that we believe to be reliable but in no way are warranted by us as to accuracy or completeness. The accompanying performance statistics are based upon historical performance and are not indicative of future performance. The types of investments discussed do not represent all the securities purchased, sold, or recommended for clients. You should not assume that investments in the securities or models identified and discussed were or will be profitable. Results of the models do not reflect the performance result of any one client. Not all clients have experienced this specific return level. Actual client returns may differ materially from the performance of the models due to actual fees incurred by clients, timing of cash flows, or client restrictions (e.g., restrictions on specific securities, industries, or types of securities). Clients who invested in the models after our initial trade date for any security may have experienced materially different performance and may have lost money.

While many of the thoughts expressed in this report are stated in a factual manner, the discussion reflects only Anfield Capital’s beliefs about the financial markets in which it invests portfolio assets following the models. The descriptions herein, are in summary form, are incomplete and do not include all the information necessary to evaluate an investment in any model. The models described represents current intentions. However, Anfield Capital may pursue any objectives, employ any techniques, or purchase any type of financial investment that it considers appropriate for the models and in the best interests of its clients.

Any prior investment results or returns are presented for illustrative purposes only and are not indicative of future returns. An investment in the models presented herein involves a high degree of risk and could result in the loss of your entire investment. Investments with Anfield are subject to significant risks, which include, but are not limited to, the risk of loss of principal, lack of diversification, volatility, and market disruptions. Prospective investors are referred to our Form ADV 2A for a more detailed discussion of risk factors, which can be (a) found on the SEC's Investment Adviser Public Disclosure website at:, or (b) provided upon request. You should not construe the contents of this report as legal, tax, investment, or other advice. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained herein by Anfield Capital, its employees and no liability is accepted by such persons for the accuracy of completeness of any such information or opinions. Registration as an investment adviser does not imply a certain level of skill or training and no inference to the contrary should be made.

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