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What a difference a month makes. On 1st April, with 10-year U.S. Treasuries yielding 3.88%, compared with € and £ bonds of similar maturities trading at 3.97% and 4.77% respectively, the investment community was not the least bit concerned about inflation. Then, in the U.S., the CPI numbers for March were released, showing that consumer prices had gained considerable momentum with an overall increase of 0.5%. Shortly thereafter, Greenspan presented the Fed’s view of the economic outlook to the Joint Economic Committee of the Congress. When he uttered the now famous words: “…the worrisome trend of disinflation […] has come to an end”, the bond market threw up. In our second article we continue to explore the topic of demographical changes, we will take a look at the magnitude of these changes in the United States, Japan, and Western Europe.Open this issue (PDF)