William Blair：2026年经济周报：又一个“临时”的价格冲击（英文版）

An old axiom in financial markets borrowed from the military is that “policymakers always fight the last war.” The conclusion they drew from the GFC, for example, was to provide as much stimulus as possible, as early as possible, and not worry about the consequences. The result was that when the pandemic rolled around, policymakers did exactly that and generated rates of inflation not seen since the 1980s. Having now learned the lessons from that experience, and assuming they follow the same