Has a deflationary phase begun?
On the eve of today's interest rate decision by the US Federal Reserve, investors have been revising their positions, opting to take on more risk.
Analysts at JP Morgan expect a rapid drop in inflation. According to their forecast, inflation in the US will be 5.3% in annualised terms in Q1 2023. They believe that a deflationary phase has begun and that Treasury bond yields will soon start to fall, which will support prices for industrial commodities and precious metals.
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