TS Lombard with the note: Not all inflation periods are created equal: when inflation is “demand-pull”(pro-cyclical), corporates are able to pass on PPI increases to customers. Historically, margins improve when inflation is pro-cyclical and contract when it is counter-cyclical. The current regime is pro-cyclical; we remain positive on margins and equities. Rising input costs do
The post For companies, not all inflation is created equal appeared first on MacroBusiness.
[[ This is a content summary only. Visit my website for full links, other content, and more! ]]