Inflation is mounting a comeback. Not as an imminent macro threat, at least not yet. But as a topical subject for monetary policy and a relevant factor for looking ahead in economic and investment terms, the subject of inflation will likely resonate on a deeper level going forward. The source of this shift, of course, is the Federal Reserve, which is winding down its great experiment in monetary stimulus and laying the groundwork for reviving something approximating a “normal” policy regime.
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