Lets say there is no persistent inflation. Then what? Tue 16 Feb 2021 17:55:39 GMT Maybe we're all getting swept away in a fake hype about inflation. Yes, we all know there will be base effects from March-June but what if that fizzles and it's back to another era of 'serial disappointment' on inflation? What if the Fed and other central banks are right? The market is being swept away by fear of rising rates today and that push and pull is going to be a theme all year. Central bankers so far has been stringent that it's not going to happen. Here is a thread from former ECB Vice President Vitor Constancio that highlights the contrast in market talk and central bank thinking: