Its dangers go beyond inflationary pressures and frothy asset markets to the exposure of governments to debt-related stress
Inflation readings in the United States have shot up in recent months. Labour markets are extremely tight. In one recent survey, 46% of small-business owners said they could not find workers to fill open jobs, and a net 39% reported having increased their employees’ compensation. Yet, at the time of this writing, the yield on ten-year Treasury bonds is 1.24%, well below the ten-year break-even inflation rate of 2.4%. At the same time, stock markets are flirting with all-time highs.
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