The effect is damaging for the US, but beneficial for Asia, he points out.
Investors are leaving because fighting inflation throttles economic activity and is thus bad for growth and asset prices in the US. ôInflation will be a stubborn presence of the next decade or more, writes Napier. I believe that the great disinflationary following wind of the last 13 years in the US is abating, and that the Fed is running out of easy options.
The notion of...
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