The narrative in 2017 revolved around two things: "Goldilocks" and the low vol. regime.
"Goldilocks" of course refers to the synchronous upturn in global growth and well-anchored inflation. Inflation needed to be low enough to keep DM central banks from falling behind the curve or, perhaps more importantly (because really, with all of the models now broken, what even is "the curve"?), to keep the market from thinking that policymakers are behind the curve.
Of course there was always an inherent contradiction buried in that narrative. It stands to reason that if global growth continues to accelerate, inflation pressures will build and while that's ostensibly a good thing, it's only "good" up to a certain point. Therein lies the irony of the entire post-crisis reflation effort. We've spent nine years chasing something no one really wants to catch.
If it's crisis-era policies that are underpinning risk assets, underwriting the carry trade, and keeping the vol. sellers (both implicit and explicit) solvent and if the durability of those policies depends on inflation remaining subdued, well then the implication is that everyone is looking for plausible deniability when
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