Many people have already written about how the ‘spectre of inflation’ has returned to haunt global investors. In reality, financial markets are still surprisingly relaxed about the risks, and most measures of inflation expectations have risen only slightly. This seems increasingly complacent.
In part this reflects the persistently dovish messages from the world’s major central banks. The Bank of England’s latest Monetary Policy Report is just one more example.
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Can you hear the applause? The hallelujahs? Or perhaps this is pushing the boat out too far, maybe even a few apologies from those who
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