Courtesy Reuters

In its zeal to fight inflation, the Federal Reserve has raised interest rates several times this year. America’s central bankers have focused on the usual set of statistics, growth rate, unemployment, industrial capacity. So have most market watchers. Growth is microanalyzed, almost feared. The domestic economic indicators, as they are called, have mesmerized both central banker and bond trader for so long that neither seems to have noticed just how faded the old red flags have become. They have overlooked a far larger and more important trend, a global economy that has fundamentally changed the inflation calculus.

Inflation is

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