, Columnist
A Dead Soviet Economist Has Bad News for Stocks
If we’re in the early stages of a Kondratieff wave for commodities, that suggests the outlook is bearish for equities.
Grains have enjoyed their sharpest increase in many years.
Photographer: Sergey Veniavsky/Bloomberg
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Prepare for a brief moment of truth, as Wednesday brings publication of the final U.S. inflation numbers for 2020. As I’ve said several times in recent weeks — because it bears repeating — a lot is riding on inflation staying quiescent. If it does, the outlook for asset prices looks set fair, as bond yields can stay at rock-bottom levels. If not, it doesn’t take much of an adjustment for things to get ugly.