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2022-09-13

Judging by the rally in equities over the last few days, the inflation peak is in

 Yes, it does look ever more as though the peak for inflation is in, and that is far preferable to a situation where inflation rates were still accelerating. 

But the key is how quickly price rises come down. The Fed still wants to get inflation down to its target of 2%, and that is still a long way off.

What is troubling is the way that the stock market is ignoring one of the key indicators from the bond market — the real yield. The yield on 10-year TIPS, which offers inflation protection, is at a new high for this cycle and approaching 1%. 

This was the level that prompted Jerome Powell and the Fed to implement their infamous “pivot” at the end of 2018

John Authers Bloomberg 13 september 2022

https://www.bloomberg.com/opinion/articles/2022-09-13/markets-need-to-take-rate-cuts-out-of-how-they-view-good-inflation-news


Börsen störtdyker efter amerikanska inflationssiffror

Bland enskilda bolag föll skuldtyngda SBB från en uppgång på 3,6 procent till en nedgång kring minus 1,5 procent.

https://www.di.se/live/borsen-stortdyker-efter-amerikanska-inflationssiffror/


Inflation-adjusted Treasury yields back near multiyear highs.

Bloomberg 3 September 2022

https://englundmacro.blogspot.com/2022/09/inflation-adjusted-treasury-yields-back.html




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