Let it go
Macro is back. I cannot remember a time when people I have worked with have collectively nailed so many calls in such a short period of time. Risks we flagged throughout 2021 — about inflation, higher food and commodity prices, geopolitical tensions, market downside and policy risks in the US, UK and China —have all come to pass, often within tiny margins of error. It’s good to have a positive story to tell. Too often economists are treated either as