As we approach year-end there’s been a lot of interest in our thoughts around a reacceleration in growth out of Q3, and prospects for inflation.

We’re spending a good amount of time with our clients on this, and I can say that, true to form, around cycle turning points our views diverge from the consensus.

A couple of weeks back we touched on our work on China’s cycles, but today I want to focus on inflation for a moment.