Markets will be dominated by two forces – concern over inflation, or “fire,” and recession, or “ice,” said Pick, co-President of the bank.
But the push and pull between inflation and recession concerns won't be resolved overnight. Pick at several times referred to the post-2008 era as a period of"financial" — a theory in which policymakers keep interest rates low to provide cheap debt funding to countries and companies.
By draining risk from the global financial system for years, central banks forced investors to take more risk to earn yield. Unprofitable corporations have beenby ready access to cheap debt. Thousands of start-ups have bloomed in recent years with a money burning, growth-at-any-cost mandate.
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