, Columnist
Stop Toasting Powell and Think About Regime Change
The Fed chairman's downbeat assessment keeps the reflation trade alive, but what if prices really do pick up?
The greatest deflationary shock in history?
Photographer: China Photos/Getty Images
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You may have heard that all kinds of exciting things are happening in the world economy. Surprising resilience after the Covid-driven slowdown of the last 12 months, combined with the reasonable hopes arising from the arrival of vaccines, have convinced markets that a broad reflationary recovery is on the way. The consensus is overwhelming.