Is There a New Secular Trend in Inflation?

The peak from the COVID crisis is behind us, but there's a new secular trend here. Which is it, and how should we think about inflation going forward? My answer is actually neither of those answers. We still have a very strong disinflationary backdrop. What drives it? Well, financialization and addiction to asset prices and leverage. And technology, as it progresses, it is disin deflationary. But we also have elements of potentially inflationary spikes. Black swans can come from marginal politics that are going to get more complex. The other area could be health scale. I don't believe de-globalization is actually inflationary at all. As soon as we