Vincent Deluard on the Psychological Toll of Inflation

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The glob­al econ­o­my is head­ed for an infla­tion­ary decade that will turn the world of invest­ing upside down. That’s accord­ing to Vin­cent Delu­ard, direc­tor of glob­al macro research at StoneX Group Inc., who argues that infla­tion is not tran­si­to­ry as many — includ­ing the Fed­er­al Reserve — insist, but rather a last­ing fea­ture of the new eco­nom­ic land­scape that investors must pre­pare for. 

On the sev­enth episode of For­ward Guid­ance, Delu­ard gives Block­works’ Jack Far­ley 5 rea­sons why high prices are no longer the cure to high prices, includ­ing today’s tight labor mar­ket, the flur­ry of post-Covid spend­ing pack­ages, and China’s with­draw­al from its role as an exporter of defla­tion. Delu­ard argues that infla­tion itself is infla­tion­ary; while soar­ing com­mod­i­ty prices, sup­ply chains bot­tle­necks, and exces­sive stim­u­lus are undoubt­ed­ly the imme­di­ate dri­vers of the cur­rent spike in prices, the fun­da­men­tal dri­ver of sec­u­lar infla­tion is an insid­i­ous increase in our col­lec­tive pref­er­ence for the present.

Watch the full episode below! 👇

For­ward Guid­ance is a show ded­i­cat­ed to uncov­er­ing the heart of this conun­drum. Twice a week, I’ll be speak­ing direct­ly with fund man­agers, ana­lysts, and finan­cial indus­try pro­fes­sion­als about how investors can grow and pro­tect their wealth in this brave new macro world. These episodes will air on Tues­day and Friday.

Lis­ten to episodes of For­ward Guid­ance on YouTube, Spo­ti­fy or Apple Pod­casts.

  • Jack Far­ley

    Block­works

    Video Jour­nal­ist

    Jack Far­ley is a New York-based video jour­nal­ist cov­er­ing tra­di­tion­al finance mar­kets as the host of Block­works macro pod­cast, “For­ward Guid­ance.” He pre­vi­ous­ly worked on Bloomberg, Deal­break­er, and Real Vision, where he host­ed over 100 long-form inter­views with investors, ana­lysts, and finan­cial pro­fes­sion­als. He grad­u­at­ed from Brown Uni­ver­si­ty with a degree in Economics.

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