, Columnist
Markets Are Losing the Anchor of a Generation
Inflation has undermined the credibility of central banks. That explains how bond yields can be rising even as recession fears mount.
What the global economy is missing.
Photographer: Fox Photos/Archive Photos/Getty Images
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I can’t be the only one looking forward to the summer doldrums. Markets have been agitated all of June as sentiment has swung violently toward positioning for stagflation, and then toward a recession that brings down inflation in its wake.