Unless inflation comes in at around 0.2% a year for the next decade, bondholders are going to be right out of luck.
If President Joe Biden and his team want to understand why his approval ratings are currently in the tank — he is down to 41% in the latest polls — they should take a quick look at the latest client survey by Charles Schwab, one of America’s most popular investment platforms.
It’s one thing to worry about your financial goals when you are in your 20s. But when even half of retired people think they won’t reach them, it’s a major problem. Meanwhile, the 5.6% rise in hourly earnings is eclipsed over the past year by the 7.5% rise in prices, leaving the average worker going backwards.
The survey was conducted at the start of January, so it hasn’t even factored in the most recent official inflation data.The good news is that the current inflation panic is almost certainly overdone. That’s not me talking, that’s the financial markets. As I’ve pointed out repeatedly, you don’t have to listen to partisan hacks on either side of the aisle telling you what is going to happen next to inflation.
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