Disruptions and dislocations associated with COVID-19 mean current economic data may not be a reliable guide to the future. But by turning to the past, we find compelling evidence that inflation regime change is accelerating.
A single-minded approach to price stability is under threat as policymakers start to focus on what are—arguably—more pressing concerns.
Technology is advancing at a rapid pace, exerting downward pressure on prices
Central banks are being forced to address many challenges—inequality, climate change, and debt management to name but three.
Hang on to your hat.
A wave of policy support to stabilize the world economy has left developed nations with a growing public debt load. What path will governments follow to address the issue? History offers several debt-reduction templates.
It’s been two years since our initial research on populism, and populist-inspired policies continue to advance today on multiple fronts. As we see it, investors should expect more of the same ahead—influencing everything from global economic growth and inflation to policies directed specifically at the corporate sector.
Economic insecurity, social insecurity and political ineffectiveness: these developments have fed a resurgence of populist policies in many regions of the world. We think there’s potential for major impacts on global capital markets.
Populism is here—and it isn’t going away. The ideology can come from either side of the political spectrum, and it can have a big impact on policy, the macroeconomic landscape and—ultimately—how we invest today.
An opportunity may be arising in one of the forgotten corners of the global fixed-income market—Japanese inflation-linked bonds (JGBi), or “linkers.” Active global bond investors can take advantage.