Final Warnings

Final Warnings By Elwin de Groot, head of macro strategy at Rabobank Some headlines write themselves. Tokyo has already delivered one – and likely acted on it. Tehran may be waiting for its turn. The bond market, meanwhile, could have issued another warning to the Fed. As for the long-held consensus that 2026 would bring smooth disinflation, gentle policy easing, and AI-driven multiple expansion, that narrative has been under strain for some time. Yesterday’s European inflation – a...