Trends in US inflation have been, are and will be one of the critical drivers of markets. After a bumpy first quarter, fears of an inflationary spiral are cooling once more and, with the US labor market also showing signs of softness, the Federal Reserve sounds increasingly ready to ease policy as a consequence. But election year politics and stubbornly volatile consumer inflation expectations complicate matters. This week - on US CPI day of all days - Michael Metcalfe, our global head of macro strategy, returns to the podcast to talk through the inflation picture, leveraging insights from our research partner, PriceStats, offering an outlook for how to think about inflation in the short, medium and long terms. See omnystudio.com/listener for privacy information.