Column: Inflation warnings are mostly ‘just in case’ By Reuters –
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© Reuters. Gas prices are seen after U.S. consumer prices surged in April, with a measure of underlying inflation blowing past the Federal Reserve’s 2% target, in Beverly Hills, California, U.S., June 2, 2021.

REUTERS/Lucy Nicholson

By Mike Dolan

LONDON (Reuters) – As grandees of the investment world fall over themselves to warn of long-absent inflation up ahead, financial markets appear ever calmer about the risks of that new regime unfolding.

Is the post-pandemic inflation scare over already?

Thursday will likely see the United States record the highest consumer price inflation rate in 13 years – just shy of 5% – and the fastest rate since 1993 if food and energy prices are cut out.

Yet, bond and stock markets have been buoyant for weeks – seemingly comfortable with Federal Reserve signalling this is temporary and possibly even marking a peak of distorted ‘base effects’ measured against price falls as the pandemic hit a year ago. The past 12 months of COVID-related disruption has more...