The post-1980 era of disinflation, low real rates, and rising asset prices was a one-time labour-supply event (China + Eastern Europe integration + female participation surge), not central-bank achievement; that tailwind has fully reversed (China working-age -68M since its 2014 peak). The next 2-3 decades default to upward goods inflation, upward wage share, downward profit share, downward financial-asset prices.

as of June 8, 2026