PineBridge's Michael Kelly: there is a third way for inflation

It's not black and white

Investors debating the path of inflation tend to fall into two camps: those who believe it will be truly temporary, and those who expect a permanent structural shift toward higher, unhealthy inflation in the future.

Most are not considering a third way lying between these binary views - that inflation will persist beyond year-end but ultimately segue into an investment-friendly reflationary regime. Looking at the...