William Blair：2026年经济周刊：人工智能可能不会像市场所希望的那样具有通缩效应（英文版）

Last week, we discussed some of the reasons interest rates are likely to move higher in the near term and remain elevated over the longer term relative to rates experienced from 2000 to 2020—in particular, that the inflation regime has changed. We also contended that the previous low-inflation regime was the result of an extraordinarily lucky confluence of factors, including: globalization, demographics, the rise of China, the opening up of the former Soviet Union, innovation, fiscal conserva