Инвесторы три десятилетия выигрывали от стабильной инфляции и падающих ставок

For much of the past three decades, investors benefited from what economists came to call the “great moderation”: an era characterised by low and stable inflation, falling interest rates and expanding global trade. It was an environment that benefited stocks and bonds and encouraged investors to place less emphasis on inflation as a long-term portfolio risk.