Globalization and China's entry into the world trading organization have shifted the economic landscape towards disinflation but also increased the likelihood of inflation volatility. The current secular period is expected to resemble the mid-60s to the mid-90s, termed as the temperamental era, with an inverse correlation between bond yields and stock prices. Unlike the Great Moderation era, characterized by a positive correlation between bond yields and stock prices, the current environment points towards a negative correlation, suggesting a persistent trend.

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