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FX weekly: Breathe easy bondholders, your Mazda is falling in price again
The current inflation regime shift debate can currently be summarized like this; If used car prices stay elevated, it is a regime shift. If used car prices drop back, then it was all just a transitory glimpse. The above summary is of course to be taken with a truckload of sarcastic salt, but there is a pinch of truth to it as well. The “transitionistas” celebrated the small setback in the July CPI report as if the regime shift crowd had argued that the price of used cars would be the main driver of a regime shift. The essence is still the same as far as we can judge. The median CPI growth is rising, which is ... (full story)