The global economy is, to put it mildly, in a state of flux. Before the most recent U.S. elections, it was already being buffeted by geopolitical shocks and the prospect of transformative technological innovations.
But now, it also has to endure an unusually high amount of policy volatility from the world’s most powerful country. The result has been a roller coaster not just for bonds and equities but also for economic forecasters and policymakers.
At a deeper level, this turmoil has called into question consensus narratives about the United States. Long-standing assumptions that underpin the choices households, companies,
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