Things to ponder as we wait for direction
Welcome to the antithesis of Goldilocks
Stagflation. TS Lombard's Dario Perkins explains it in a sentence: "Inflation has reached new highs, growth has deteriorated sharply – much of the world seems to be on the brink of a recession – and monetary tightening has had a devastating impact on asset returns, with central banks deliberately squeezing financial conditions in an effort to destroy wealth and reduce aggregate demand." Goldilocks is dead. The new normal is here...