Inflation Looming
The Economist says unlikely. Surveys and market expectations concur.
Figure 1: Year-on-year CPI inflation (bold black), WSJ December survey mean of year-on-year CPI inflation (teal), and 10-year expected inflation inferred from 10-year break-even (tan). Source: BLS and Treasury via FRED, WSJ December survey, and author’s calculations.
Disclosure: None.
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