![The ends of inflation surges: Lessons from the US experience, 1948-2021](/.imaging/mte/efg-revamp/547x300/dam/efg/insights/2021/Financial-markets-tensions-and-breakeven-inflation/Insight_Infocus_Article_Tips-ExpectedInflation_530x395px.jpg/jcr:content/Insight_Infocus_Article_Tips-ExpectedInflation_530x395px.jpg)
The ends of inflation surges: Lessons from the US experience, 1948-2021
The recent burst of inflation in the US and in many other countries has led investors to wonder whether the entire inflation environment has changed. In this Macro Flash Note EFG chief economist Stefan Gerlach looks at the US evidence and argues that, over the last 70 years, surges in inflation have been followed by collapses over the next two years.