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Inflation/Deflation thinking appears all over the map

There appears to be a rough split among both serious economists and big market participants.  Just today for instance in Bloomberg you have "Pimco's Roman sees US Inflation Remaining Low for Years" and "...Roubini Invokes Stagflation".  The SF Fed has a paper arguing deflation risks in the US are low.  The Economist has a recent article "Covid-19 could lead to the return of inflation—eventually".   The list is long on both sides.   Roughly the argument for deflation is that we are experiencing a demand shock and for inflation that we will soon experience a supply shock (because of closed businesses, broken supply chains, trade wars).   My general thinking is it is hard to imagine a source of rising wages which I think are in general a prerequisite for inflation and so I think we will continue on the low inflation path we have been on for many years.

 

What do you think?