The plunging markets are the result of a decades-old macroeconomic regime falling apart. High inflation, not seen in the rich world since the 1980s, is back, which in turn has brought to an end ten years of near-zero interest rates. As a result, the rule book of investing is being rewritten. Protecting portfolios from inflation, once a peripheral concern, is now a prime consideration. Rising government-bond yields, meanwhile, make riskier assets less desirable.
-The Economist, from this Briefing
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