Watching the markets today I got the feeling that things have changed. The old pattern is disappearing, the new one is not yet fully in place. One major element of the new constellation, however, will surely be inflation. Yet it is still unclear how central banks will react to the challenge and how much inflation expectations will change. There is a subtle balance now in place where central banks feel that they are not yet behind the curve and at the same time inflation expectations have not yet gotton out of control. Both of these factors can change very quickly. I stick to my recommendation to take a joy ride. Take profits where you can and spend it. In a short time from now it may already be too late.
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