The latest Ones and Tooze posted Friday. Recorded from Lisbon, Cameron and I talk bond markets, central banks and big money at COP26.

Listen below or subscribe via the Foreign Policy website, here.

Since we recorded the episode even the Bank of England, seemingly the most hawkish of the Anglosphere central banks has declined to raise rates.

Markets adjusted their expectations for rate rises, and the pound sold off.

The “inflation is transitory”-narrative remains the main game in town, anchored both by the ECB and the Fed.

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