Raoul observes that the break-even/nominal divergence could be flows-driven, as seen in the UK 20 years ago where the pension system had long-term liabilities and forced apart the relationship in hedging, making the signaling in nominals more useful than break-evens for inflation.

factualpending

Speaker

Raoul Pal

Evidence Quote

UK 20 years ago... pension system... forcing apart... break-even and nominals in hedging

Source

Lyn Alden's Macro Masterclass (w/ Raoul Pal)Real Vision
Created: 8/12/2026, 10:22:19 PM

My Notes

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