Economics Weekly: Reflation Versus Inflation

Friday, March 12, 2021

In last week’s Economics Weekly, we discussed the reason behind the increase in the 10-year Treasury yield, with the view that it has been primarily driven by a combination of the real yield and term premium components of the bond yield, as opposed to the inflation expectations component. In this Economics Weekly, we discuss the distinction between reflation and inflation, what the financial markets currently expect, and what implications this might have for investors and the Fed.

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Richard de Chazal, CFA is a London-based macroeconomist covering the U.S. economy and financial markets.

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