To infinity and beyond?

The Fed has officially confirmed that we are in the midst of a paradigm shift, and that it may well take another decade for interest rates to return to levels close to their historical average. To the long-term secular trends that reduce inflation – mainly demographics, globalization and digitalization – we must add the deflationary … Continued

Equities are the new toilet paper

Equity markets appear to have long been disconnected from the dire economic reality caused by the pandemic; with stocks near all-time highs, while the economy is still running significantly below its potential capacity. One of the reasons for this divergence has been the unprecedented fiscal and monetary support, which has made it possible to avoid … Continued