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What’s scarier than the inflation scare? Markets.


Bloomberg/John Authers

Repost from 6-11-2021

graphic image of a wizard in silouette

“Everyone had an inflation scare marked in their diaries for about now. Few can have reckoned on the scare dissipating in markets just as the inflation numbers came through on cue and higher than expected. Headline inflation has reached 5% for only the second time in 30 years. It had only been higher during the oil spike of 2008.”

USAGOLD note: Authers says that the market reaction to inflation is alarming given the real rate of return has collapsed to a negative 3.7% – the worst since the 1970s.  Are the declining yields the work of investors or the Fed? If it is the Fed, the sovereign debt is being monetized – a prescription for even more inflation down the road.……”Pay no attention to that man behind the curtain.”

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