Are we entering the inflation era?

When Paul Volcker came to the Fed 30 years ago the priority henceforth inflation eradication. But with the jobs situation dire, the Fed seems to be having a 'reverse Volcker moment'.

Already, financial markets are starting to notice. Just witness the 25 basis point surge in break evens in the hours following the Fed’s QE3 announcement on Thursday last week, representing a "5-sigma event” for this market-measure of inflationary expectations.

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