@PaddingtonBear, I am more persuadedby Nouriel Roubini’s call of “mild stagflation” than Mark Sobel’s “stagnation”.
https://www.project-syndicate.org/commentary/reflation-trade-or-overheating-and-stagflation-by-nouriel-roubini-2021-09I liked thefact that you posed the difficult question in your morning post on the 20th. The fact that no one proffered a view indicates how difficult the question really is.
Keep us all thinking.
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