Where was the inflation found? Mostly in energy!
Let's look at the inflation breakdown. Most of the inflation factors were caused by supply, logistic, and labour shortages and not demand-side issues.
The existing monetary policies are only effective in solving demand-side issues and ineffective in resolving supply-side issues. Therefore, the continual rate hikes will reduce consumer demand without resolving the supply and logistic issues. This brings to mind the next question: Slow growth and high inflation = Stagflation?
Let's take a look at the global fund manager survey again. Stagflation expectations are rising!
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