The Reflationary Turn
The global economy is tilting back towards reflation: growth is firming while inflation proves stubborn, just as a cluster of central banks prepare to meet.
This week in six charts:
→ Global growth surprises have lately been positive and inflation surprises negative — a supportive mix for equities.
→ Policy uncertainty has eased, but remains high.
→ Most major economies now sit on the reflationary side of the cycle.
→ Supply-chain pressure is building again, pointing to firmer producer prices.
→ The Phillips curve has re-steepened across advanced economies.
→ The climb in bond yields is being…
The skinny
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