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Are markets ready for a cyclical inflation shock?

Expect rising prices to accelerate in 2021

| North America
A now hiring sign at a store in San Rafael, California, pictured on April 2: companies are struggling to fill positions.   © Getty Images

Richard Coghlan and Chris Faulkner-MacDonagh are portfolio managers in the global multi-asset division at T. Rowe Price in Tokyo and Baltimore.

Inflation concerns have sparked a great debate in markets, especially with the recent news that prices in the core personal consumption expenditure index-the Federal Reserve's preferred inflation measure stripping out volatile food and energy prices-rose a larger-than-expected 3.1% in April over the same period in 2020.

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