Stagflation – Then and Now

My new piece: A still-dovish Fed raises the risk of stagflation lite
https://thehill.com/opinion/finance/580712-a-still-dovish-fed-raises-the-risk-of-stagflation-lite
 
Stagflation in the 1970s and the Volcker Disinflation Episode
https://www.federalreservehistory.org/essays/anti-inflation-measures

How the Fed Distorts Financial Markets

One Trader Calls All the Shots in the Treasury Bond Market
https://www.bloomberg.com/news/articles/2021-11-02/stock-market-jerome-powell-federal-reserve-dominate-treasury-bond-trades
 The Fed is so dominant that “vigilantes” have lost their power as a check on government excess.

Central Bankers Are Blowing Up Macro Hedge Funds
https://www.bloomberg.com/opinion/articles/2021-11-12/central-bankers-are-blowing-up-macro-hedge-funds

The Fed Ignores a Key Bubble Risk for the Stock Market
https://www.bloomberg.com/opinion/articles/2021-11-09/fed-ignores-a-key-bubble-risk-for-the-stock-market
 
Risk Binge or a Bubble? Signals From Real Yields Split Investors
https://www.bloomberg.com/news/articles/2021-11-09/risk-binge-or-a-bubble-signals-from-real-yields-split-investors 

Wall Street Benefits from Fed Largesse
What Bank Earnings from JPMorgan, Bank of America Tell Us About the U.S. Economy
https://www.wsj.com/articles/what-bank-earnings-tell-us-about-the-economy-11634236512
Wall Street is booming, or at least parts of it are. Merger mania and stock trading lifted the big U.S. banks’ third-quarter results. On Main Street, banks are still hunting for bigger loan growth, but many customers are spending more after holding out last year.
 
Wall Street Bosses See Windfall Lasting, Fueling Pay and Hiring
https://www.bloomberg.com/news/articles/2021-10-14/wall-street-bosses-see-windfall-lasting-fueling-pay-and-hiring
The dealmaking and trading windfall that the pandemic unleashed on Wall Street firms just keeps piling up as the economy recovers -- and U.S. banking leaders are pointing to signs that it’s far from over.

Low Interest Rates - End of an Era

Era of Super-Low Interest Rates May Be Ending, Goldman Says
https://www.bloomberg.com/news/articles/2021-11-08/goldman-reckons-era-of-super-low-interest-rates-may-be-ending

Emerging Markets - Recent Developments

Mobius Bets on ‘50-Year Rally’ in Indian Stocks as China Slows
https://www.bloomberg.com/news/articles/2021-11-08/mobius-bets-on-50-year-rally-in-indian-stocks-as-china-slows
 
If Brazil’s Democracy Falters, All Latin America Is in Danger
https://www.bloomberg.com/opinion/articles/2021-11-09/brazil-s-jair-bolsonaro-puts-latin-american-democracy-at-risk
 
Jokowi breaks out of shell to broaden Indonesia's global horizons
https://asia.nikkei.com/Spotlight/Asia-Insight/Jokowi-breaks-out-of-shell-to-broaden-Indonesia-s-global-horizons 

Economic Challenges Facing Germany

Germany’s Economy, Once Europe’s Engine, Is Holding It Back
https://www.wsj.com/articles/germany-economy-lagging-behind-europe-supply-chain-11636383954

Fresh Winners in the Era of Chip Shortages

Chip Shortage Creates New Power Players
https://www.nytimes.com/2021/11/08/technology/computer-chip-shortage.html
Low-profile chip makers with aging factories have become surprisingly powerful, leading to industry changes that may outlive the pandemic-fueled supply crunch. 

The Pandemic Has Been Good for Billionaires

Led By Elon Musk’s Crazy Gains, American Billionaires Have Added Nearly $2 Trillion To Their Fortunes During the Pandemic
https://www.forbes.com/sites/chasewithorn/2021/11/07/led-by-elon-musks-crazy-gains-american-billionaires-have-added-trillions-to-their-fortunes-during-the-pandemic/