TLDR: After more than a year of inflationary surprises and challenges to a multi-decade trend of ever-falling interest rates, ‘Team Transitory’ has finally had its day in the sun.
Mortgage rates in the United States and New Zealand fell this week as all manner of leading indicator prices, including those for copper, grains, milk powder and computer chips fell sharply, and financial markets lowered their longer-term views about inflation and interest rates.
Paid subscribers can see more analysis on this turn in the inflation outlook below the paywall fold and in the podcast above. They can also look out later today to email invites to my weekly Ask Me Anything session at midday and our weekly ‘hoon’ live webinar with myself, Peter Bale and Robert Patman to shoot the breeze about geo-politics and our own political economy. The invite link is also below the fun things at the bottom.
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