Incerteza

"One can see how difficult it is to get policy right when the forces are so strong and conflicting. The risk of a policy error must surely be higher under these circumstances. On Thursday of last week we discussed how from our recent client meetings the deflationists were starting to be heard more than in recent months. Overall there are still more worried about inflation but the fact that one can build a rational argument for both outcomes shows the delicate nature of this particular cycle."

Lido hoje numa nota de mercados sobre inflação, mas com aplicações mais vastas. É pena que assumir a incerteza tenha custos políticos tão elevados.