麦格理-美股-宏观经济-通缩基调下的通货膨胀-20180222-32页.pdfVIP

GLOBAL What caught my eye? v.87 Inflationary note in a deflationary tune In this issue we ask whether investment landscape has transited from disinflation to inflation and how similar current environment is to ‘67 or ‘87 regime changes. The 1950s-60s was the ‘Golden Age’. It was a time of reconstruction and rising productivity; low unemployment and subdued inflation. In the DMs, it was also a period of mass college enrolments, job security and declining inequalities. It led to a secular bull equity market that lasted almost two decades. The first signs of trouble appeared in late ‘60s and by ‘70s, investors entered a different world. State activism destroyed the Bretton Woods monetary system and gave Inside birth to modern fiat currencies. The age of inflation was born. Through ‘70s-80s and into ‘90s, the investment landscape was dominated by inflationary concerns, How different is today to 1960s? 2 causing negative correlation between rates and equities. Inflation was the US$, Equities Bonds – on the warpath 12 bogeyman, with equity investors fearing harsh CB responses. Hence, from Degre