The market doesn’t think much about this…

Inflation - cyclical or structural?

Zoltan's last note is a good read (as always). How do you see inflation? Cyclical or structural? He writes: "...do you see inflation as cyclical (a messy re -opening after Covid, exacerbated by excessive stimulus) or structural (a messy transition to a multipolar world order, where two great powers are challenging the might and hegemony of the U.S.). If the former, inflation has peaked.