The market doesn’t think much about this…
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Inflation - cyclical or structural?
Zoltan's last note is a good read (as always). How do you see inflation? Cyclical or structural? He writes: "...do you see inflation as cyclical (a messy re -opening after Covid, exacerbated by excessive stimulus) or structural (a messy transition to a multipolar world order, where two great powers are challenging the might and hegemony of the U.S.). If the former, inflation has peaked. If the latter, inflation has barely started, and could actually be understood as an outright instrument of war".
Now go figure out what VIX and likes should be pricing...