About this episode

This episode discusses the transition from the 'New Normal' of low growth and low interest rates to the current economic landscape marked by rising inflation and interest rates.

The era of low growth, low inflation and super-low interest rates that followed the Great Financial Crisis was christened by Mohamed El-Erian as “The New Normal”. While this episode largely came to an end with the post-pandemic growth and inflation surge, real interest rates had generally remained below the levels that prevailed in the decades before the financial crisis until recently. However, a steady bond market selloff in 2026, which accelerated over the summer, has now pushed real long-term Treasury yields to their highest levels since 2010.

More episodes of Notes on the Week Ahead

• Labor Market Mysteries · August 31, 2026 · 10 min
• The Road to $40 Trillion · August 25, 2026 · 15 min
• What Lies Beneath: An Updated Outlook on the Economy and Investing · August 10, 2026 · 13 min
• The People versus Inflation · July 27, 2026 · 16 min

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