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Home / White Papers 2022

Six Common Misconceptions About Inflation

Western Asset
23 March 2022

Michael J. Bazdarich, PhD - Product Specialist/Economist, Western Asset

Key Takeaways

Any run of higher prices caused by supply disruptions or even overly expansive fiscal policy should soon run its course.
Supply-chain disruptions do not have to vanish for the price process to reverse; disruptions need only to ease.
There is no evidence for increases in wages autonomously driving higher inflation.
With demand for goods and services still restrained, higher wages should not drive higher prices.
Without an acceleration in demand growth and with a normalization of supply and supply growth, goods prices must moderate, even decline.
Aggregate demand has not shown any acceleration from pre-COVID-19 trends, contradicting the contention that Fed policy has caused the economy to run too hot.

Download the full report

23 March 2022

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