, Columnist
Markets Are Feeling the Weight of Pandemic History
The collapse of the reflation trade shouldn’t be a surprise given the tendency of plagues to presage lousy returns.
A labor market indicator, circa 1350.
Photographer: Hulton Archive/Archive Photos/Getty Images
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Sometimes the answer to the problems that most concern us is lying under our nose. Or dormant in our files. It’s just possible that the answers to the Conundrum of the Disappearing Reflation Trade lie in historical research that we were all anxiously reading more than a year ago.