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The fear of the known

9 June 2006 By Edward Hadas

There was a growth panic on Thursday. Equity buyers worried that higher interest rates might deter highly geared consumers. But other worries inflation, dollar and geopolitical could retrun. Such fluctuating concerns are reasonable in an unbalanced world. The mood of the markets swings between fears of higher inflation and slower growth with each new piece of data. That’s understandable. But the real risk is that both come at the same time. A dose of stagflation would really hurt.

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