, Columnist
The Inflation Regime Change Is Already Upon Us
Epochal shifts can be difficult to spot in real time, but the signs are there.
Turning points like Paul Volcker’s crushing of inflation under Ronald Reagan aren’t easy to spot in real time.
Photographer: Bettmann/Getty Images
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Let’s make a big assumption. We really are in the process of not only a great shift toward reflation, but toward a new inflationary regime. What is this like, how can we tell, and what does the future hold?