reflation Uncategorized

Chart Check (A First)

Misplaced optimism?

For the first time ever, “reflation” dominates “deflation” according to story count.

A sign of the times (and possibly of misplaced optimism)…


(BofAML, Bloomberg)

Via BofAML

Reflation is taking over deflation for the first time ever. This is the first time the financial industry is dominated by stories around “reflation” vs “deflation”. The trend appears clear as flows are shifting into (i) high-yielding instruments like HY credit and EM debt but also (ii) away from duration ideas, with short-dated IG funds recording very strong inflows in the past couple of weeks.



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