One of the most important things for investors to grasp at the moment is that the tectonic plates of global finance and economics are shifting. This did not start with President Trump, as it is the result of a number of structural changes taking place within the global economy; however, many of the current administration’s actions are amplifying these changes. Perhaps the most important of these is the shift in the inflation regime—from one that is low and stable, with only downside risks, to a marginally higher but more volatile regime, with greater uncertainty around the economic outlook. Such a transformation has important implications for bond and equity investors, and in this Economics Weekly, we suggest one potential outcome is a transition from growth investing to GARP (growth at a reasonable price) investing.