Central banks all over the world keep tightening. With some notable exceptions such as China and Japan, and some special situations such as Russia, they all seem to have the same playbook. Inflation has shocked the world, central bankers have reacted late and now, they’re trying to have positive real official rates (nominal rates -inflation) and they’re catching up, sacrificing global economic growth over price stability. These actions have a clear (negative) impact on asset valuations. The next three inflation data points are key to see if inflation has indeed peaked and there is a possibility of of policy reversal.
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Source: Charlie Bilello.
