Deutsche Bank research analyst Henry Allen said that every month inflation remains high, there's a growing risk that price expectations come unanchored.
Despite seven consecutive 8%-plus annual headline inflation readings, financial markets are being complacent about the growing risk that the U.S. may be entering a prolonged 1970’s-style era of slower growth and inflation, which could require even larger rate increases than already seen. That is the view of research analyst Henry Allen at Deutsche Bank DB, the Frankfurt-based bank which saw a risk in June that inflation would fail to decelerate.
Inflation is running hot in the U.S. as well as Europe, where it hit 10% in the 19-country eurozone during September. larger interest rate response,” Allen wrote in a note on Monday. “If the experience of the 1970s repeats, investors are in for a prolonged period of negative real returns for both bonds and equities.”
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