China’s deflationary tsunami builds

Pantheon with the note. This has only just begun.

Supply-Side Stresses are Fading, Bringing Hope of Disinflation

Regional PMIs for July were fairly downbeat, pointing to fading domestic and global demand. But a more positive aspect was the ongoing easing of supply chain issues, in contrast to past lockdownreopening cycles in China. Weaker demand undoubtedly helps on this front. But whatever the driver, a key source of global inflationary pressures is now receding.

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