The slow path out of negative rates by the Fed and ECB in the midst of large inflation deviations confirms the fears about fiscal dominance and financial dominance we expressed in 2020.

Central Banks' reactions will be tied down by fears of instability. https://voxeu.org/article/tackling-inflation-if-it-reappears

🐦🔗: https://nitter.eu/lugaricano/status/1527925023746424834