The popular consensus seems to have coalesced around the view ageing is deflationary, and the Japanese experience is often the first evidence cited, writes Ed Smith, head of asset allocation research at Rathbones.
But we are not convinced that its lesson is relevant to the rest of the world. Moreover, there is a significant body of research setting out well-reasoned and well-evidenced arguments for the inflationary...
The US dollar is close to peaking and the risks now seem to be on the downside.
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