Pandemic risk may slide back up the ranking given the news this week...
Less of a wall of worry ... more of a sliding scale of worries ...
Perfectly put by TSL...
Hotel occupancy...
80% there ... but still not back to normal levels ... current surge in cases may slow this down ...
Pretty much perfect ... Goldilocks returns ...
Breaking out of the lowflation/deflation post GFC trend ...
Into a better GDP growth environment (less austerity, more fiscal support, more capex)...
With no need to panic about CPI risk ...
Given a US$ upswing it is worth reminding ourselves of the impact ...
Not a massive problem right now because FED is still supplying liquidity but may become more of a problem if the taper continues/accelerates ...
Given a US$ upswing it is worth reminding ourselves of the impact ...
Not a massive problem right now because FED is still supplying liquidity but may become more of a problem if the taper continues/accelerates ...
Gavekal are broadly correct ...
Markets tend to look through inflation in the short run ... it takes 2 or 3 years of persistently high price rises to shake their faith in central banks ... and even then in some markets the tolerance for high CPI is elevated
Great chart ...
Thanksgiving shortages ...
Fair point
