Few investment topics today provoke as much debate as inflation. For those fearing it, they see a worrying return to the stagflation or worse of the 1970’s, while those relaxed about it see a temporary spike caused by the passing pandemic. With increasing urgency, the former admonishes the myopia of policymakers for risking years of rising prices, while the latter foresee a smoothly engineered return to benign stability. In truth, there are strong arguments for both sides. For now, they have largely drowned out the more fundamental issue of bond yields and discount rates. But as monetary policy tightens, it’s…

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