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A chart showing a sharp upturn in the demand for U.S. government bonds in the second half of 2020 and early 2021

American financial markets and the specter of inflation

The policies of easy money, unlimited public indebtedness and indiscriminate subsidies make fertile ground for inflation. Are the jittery financial markets signaling that the U.S. and several other Western economies are approaching the end of the long free ride – profligacy with neither reimbursements nor inflation? And what if that end happens sooner rather than later?

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