🇺🇸 🇺🇸 JPMorgan: “Our “boiling the frog” narrative incorporates a tension between near-term forces promoting resilience and the seeds being sown for an eventual end to the expansion. This resilience promotes sticky inflation and a need for sustained restrictive policy stances that should, in turn, compress profit margins and erode balance sheet health. Timing the point at which building vulnerabilities spark an end to the expansion is difficult”
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