Upward growth revision post the pandemic shock faded in the middle of the year, while inflation surprises unfolded on the back of supply chain pressures and soaring energy prices amidst solid recovery. In 2022, we expect strong growth momentum to continue with persistent but still declining inflation pressure triggering a different response across central banks. Further vaccine rollout and booster deployment will break further the link between the virus and mobility restrictions, with only a gradual adjustment on the monetary policy side and a key focus in DMs on labour markets and wage pressures. We expect Fed to finish tapering by mid-2022 and to start hiking in September 2022, while BoE should continue their hikes after an expected 15bp hike in December. Our call is for the ECB to deliver purchases beyond PEPP at the December meeting, implicitly pushing back any rate lift-off in 2022 via their commitment to sequencing.