Mark Blyth told the A Book with Legs podcast that inflation reflects broad economic shifts driven by modern forces beyond rising prices, as discussed in his new book Inflation: A Guide for Users and Losers.

Despite the Trump administration’s systematic erosion of America’s capacity to create wealth over the long term, bond markets and investors seem to have fallen asleep at the wheel. But their complacency is not the result of ignorance; it is a highly profitable – and extremely risky – choice.

There is strong evidence to support the case for interest-rate cuts in the United States, given the disproportionate impact of higher rates on the most vulnerable. Yet with Donald Trump loudly demanding that the US Federal Reserve lower borrowing costs, the situation has become more complicated than it needed to be.