For all the bumps in the first quarter, the region remains on target. The Year of the Ox, much like the animal, will experience a sturdy and reliable recovery – with occasionally stubborn hurdles, to be sure, but nothing that will throw it off course. Vaccines hold out the  hope of recovery, and the hopes are justified. Yet patience is needed, for their roll-out is proceeding more slowly than elsewhere, which means that many restrictions, above all on travel, will have to stay in place for quite some time. Herd immunity may be possible for a number of markets within the Year of the Ox, but more towards its end. Consumer spending, while picking up, will thus not exactly soar in the coming months, at least not as much as it may, for example, across the Pacific. The surge in US growth holds out the prospect that Asian exports will continue to roll, but a services-led recovery may ultimately prove less helpful for trade. The good news is that for all the current jitters in financial markets, a re-run of the ‘taper tantrum’ this is not: Asia’s fundamentals, for one, are a lot sturdier this time around. Inflation worries, too, appear misplaced by and large: rising food costs are a concern, but labour market slack will keep core inflation nailed down. Just like the Ox, then: a  aithful companion, if not overly flashy.