Inflation is the "snake in the grass" for investors. If inflation continues to rise globally, bonds will lose value and stocks will stagnate. But it is not obvious how much of the present inflation is cyclical and how much is secular. Rising inflation is typical of the late stages of economic cycles. In fact, right now there is an interesting mix of deflation and inflation, and this mix has put the world's central bankers and investors in a bind.The economies of the Baltic states provide an extreme example of this mix of deflation and inflation. Our currency pegs mean that our int...
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