It Ain’t Over Till It’s Over

I hope we're not all supposed to get upset every time a central banker expresses discomfort with inflation. If we are, it's going to be a long, arduous decade. Even if you want to argue that some of the structural factors which contributed to decades of subdued price growth are likely to reassert themselves, there are now opposing structural forces with the potential to, at the least, offset the disinflationary drag from debt and demographics. If price stability is ultimately restored across th