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2020 in Review

The Memo by Howard Marks

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Is Inflation a Threat Any Time Soon?

We've had substantial deficits and accommodative monetary policy ever since two thousand eight. We 've seen a 50 year low in the unemployment rate, yet not the inflation the fillips curve would have predicted. Disappointment regarding the speed or efficacy of vaccinations could delay and complicate the rekindling of economic growth. The actions of the fet and us. Treasury may be leading investors to aggressively pursue high returns in today's low return world. Signs that in the past indicated excessive optimism and complacency in stock and bond markets are present to day.

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