The Macro Charts You Must Know #14

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The week in a nutshell:

China’s markets were on holiday and closed for most of the week, giving global markets a breather from the Evergrande saga
Although that didn’t count for much as global interest rates shot higher together, in response to inflationary concerns centered on supply chain issues and energy shortages
Stagflation is the main concern now as higher energy prices, especially in Europe and Asia, threaten growth prospects
- The global rally in long yields and steepening curves is one of concern over higher prices lowering economic growth, instead of higher growth due to broad based expansion