Taking Away the Punch Bowl

The potential outcome of inflation rising faster than expected


Large-scale, continuous, and at least somewhat coordinated, fiscal and monetary responses from governments and central banks around the world have changed the landscape of markets and the pricing of assets. Like an open-minded and overtly obliging doctor, the Fed has been doling out prescriptions of reduced fear and enhanced greed to anyone needing a fix. Driven by investor feelings of bravado from being handed a free put option and expectations of a new normal (low interest rates for the indefinite...

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