How inflation could return, catching the Fed off guard

While persistently subdued – and, on nearly $11 trillion of global bonds, negative – interest rates may be causing resource misallocations and undercutting long-term financial security for households, elevated asset prices have heightened the risk of future financial instability.

Also, investors have become highly (and happily) dependent on central banks, when they should be prudently more fearful of them.

Mohamed A. El-Erian MarketWatch  May 22, 2019