Fewer parts

The conundrum of 21st century -flation, which is to say, the absence of inflation in most parts of the economy and presence of deflation in some…

… despite the massive and unprecedented piles of global monetary underpinnings, which haven’t really ceased since quantitative easing started…

… back when this was still unnoticed, or noticed but maybe misconceived…

… an isolated mortgage thing, a bubble, market crash, the great recession, and so on…

… can be traced back, more or less, to the following…

… but obviously not in the narrow sense, as the headline is current.

Reuters

Slowly, slowly, then all at once…

Source quote

… though we probably have not arrived at the point of general inflection.