Streetwise: Central bankers aren’t entirely out of gas, especially in the U.S.
The bond market thinks central banks are out of juice and inflation will stay below target for, well, ever. The longest-dated Treasurys are priced for inflation to average 1.6% for the next 30 years, and German bonds for just 1.3% inflation. Both are testing the lows of 2016, when the oil price crashed and investors feared deflation.
To believe inflation will stay very low for a very long time requires believing both that the Fed and other central banks really are running on empty and that governments won’t offer fiscal help...
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