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The great bet on rate cuts is off
We are trapped in old ways of thinking about inflation.
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The Fed has now also acknowledged it is taking “longer than expected” to tame inflation.
PHOTO: AFP
Katie Martin
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Welcome to what Goldman Sachs is calling “reflation desperation”. For policymakers and investors, this will be a nauseating and probably lengthy ride.
The embarrassing reset has come about because it turns out the inflation dragon had not been slain after all, despite markets in effect calling victory over it in late 2023.
