RAYC - What Was It That Changed Around May?

• Consumer price inflation in China retreated again during August 2021, with a year-over-year change of just 0.8%. This was the lowest since March, the fourth straight month of decelerating price changes.
• Is the Delta variant that much worse for China and the global economy? Or has the entire global economy begun to more unambiguously reveal its true state?
• If instead something other than COVID - something like Uncle Sam “stimulus” not having had too much global impact despite all the inflation hysteria, and what impact it did have was only ever going to be temporary - then the world’s economy is left to deal with actual fundamentals left more than a little uglier than many have been expecting (inflation).

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