The Great Moderation is dead, and the obituaries are now rolling in.
The past 30 years or so may not have felt like the best of times for investors. The financial crisis of 2008 was no fun, for instance, and even the Greek debt crisis tested nerves, to take just a couple of recent blow-ups. But in retrospect it was a golden period.
“The Great Moderation, a period of steady growth and inflation, is over, in our view,” the BlackRock Investment Institute wrote this week. It was, BlackRock said, a remarkable period of stability.
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