Inflation, one of many inputs to multi-asset decision-making, cooled substantially last year, but upside surprises in early 2024 for the US and Europe have many investors concerned that the path back to normal has hit a roadblock. We don’t think so. In fact, inflation remains in steady retreat—and in more major economies. In Switzerland and China, for example, inflation is already below 2% year over year. While year-over-year inflation in Canada, Japan, Norway and the UK are above that mark, their three-month run rates point to significant slowing there too (Display, above). Progress in reducing inflation slowed ... (full story)