Two years in the past, just about everybody agreed that one of many nice bubbles was bursting. An period of rock-bottom rates of interest was coming to an in depth, shaking the foundations of nearly each asset class. Share costs had been plunging, authorities bonds had been being hammered, crypto markets had been in freefall. Wall Avenue’s prophets of doom had been crowing with delight. The consensus of the earlier decade—that inflation was useless and low cost cash right here to remain—regarded as ludicrous because the groupthink of any earlier monetary mania. Thus the pendulum was about to swing: from exuberance to scepticism, risk-taking to cash-hoarding and greed to worry. It will take a very long time to swing again.
