PMY - Charts, page-524

need to distinguish between absolute and relative basis

price inflation releases once things normalise to a degree. MV in aggregate doesnt have to get back to what it was 1 yr or 10 yrs prior


but it needs to get back to where the net multiplier of MV + the cumuluative increase in notes drives more price competition for desired products/services - or where producers feel incentivised to raise asking prices

the price rises are coming regardless. we just havent seen much excess cash bidding them except in housing and stock market