William Blair：2026年经济周报：通货膨胀制度转变与质量GARP投资的回归（英文版）

One of our core themes over the last few years has been that the inflation regime has changed following the pandemic. It has flipped from a frictionless supply-side world to one where friction has been introduced and inflation will be slightly higher, on average, and more volatile than in the past. This shift has enormous implications for economic growth, central bank policy, and investors. For equity market investors, we believe one of the key implications will be a renewed focus on valuatio