The Uk remains the only developed economy where inflation is still going up. Aside from the global structural phenomenon, due to money printing, they have to add the consequences of #brexit, which simply makes goods more expensive to get in the economy. So much so, that for the first time in history, inflation is higher in the UK than the average inflation on #emergingmarkets. And it’s higher by 400 bps, which remarkable. One factor can be the fact that China has a very low cpi, but #argentina and #Turkey are also in the mix. #ratehikes may continue in the Uk for some time, even as inflation recedes in the US and Eurozone. Chances of recession are going up.
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Source: bond vigilantes, Bloomberg
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