CAPITAL RISK | Economics

Pandemic policies induced a substitution effect that drove inflation higher.

Their reversal will deliver lower demand and disinflation.

Record stimulus. Asset inflation. Good & Services inflation requires tight employment. Stay tuned.

A slow vaccine roll out is slowing the rebound. It will pass. Productivity's return is the critical question.

Quick action avoided a calamity in Asia. Demographics and debt may now conspire to the limit future growth.