![]() Obviously that’s not the only possible outcome - and for a variety of reasons, which I’ll probably talk about in the next newsletter, it will be quite a few months before we’ll have a clear picture on the inflation front.īut one thing is clear: 2021 was a banner year for economic recovery. If inflation does come down, 2021 will look in the rearview mirror like an unambiguous success story, a tale of an economy that powered through temporary bottlenecks and rapidly returned to full employment. Measures like the cost of container shipping are still elevated but off their peaks surveys of purchasing managers suggest that delivery times are still bad but improving. Part of whats held back the office-market recovery is not knowing how occupiers will view their real estate long-term as a result of pandemic-induced changes, specifically how remote work might. 12 clubs from England, Spain and Italy were prepared to walk away from the Champions League - in what. I still expect (hope?) to see inflation gradually subside as we work through the remaining kinks in the supply chain. The run-up to the Euros was overshadowed by the potential breakaway European Super League. ![]() Still, inflation is a real problem, and what happens to inflation over the course of 2022 will have a big retrospective effect on how we regard the economy of 2021.
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