17/08/2023
The importance of this chart cannot be overstated.
Investors expecting global inflation to decelerate is the most consensus view in the history of the data, even lower than during the Global Financial Crisis.
This is consistent with how market participants are the most bullish on long-term Treasuries they have ever been, as indicated by the BofA Global Fund Manager Survey.
Crowded market views are often wrong, the current inflationary forces appear to have a significant underlying structural foundation.
