Since COVID-19, we have seen a series of upside surprises in inflation data, notably in emerging markets and in food prices, that mostly reflect the major imbalances related to the pandemic and the global lockdown. However, we cannot rule out the risk of inflation overshooting in the coming years due to a sudden change in the regime shift.There is certainly no theme more important than inflation in the macroeconomic space right now. All the clients and the asset managers are sharing their worries about the inflation risk and are looking for investment strategies to hedge against inflation, often favoring gold (paper ... (full story)