CGI 140604 Strategy Update:

Global Strategist Steve Gluckstein takes an in depth look at the debate over inflation has become increasingly polarized—perhaps due
partially to the distortive impact of accommodative monetary policy by the world’s leading central banks during the past five years. Nonetheless, when looking out over the distant horizon 24-30 months from now we see several factors coalescing into a
“perfect storm” that will likely propel inflation materially higher and cause significant challenges for central bank monetary policy three to five years from now.Rising deficits, resurgent wage growth and rising money velocity should all re-emerge as potent inflationary economic forces.