We are at the beginning of a new cycle of interest rate cuts by the central banks. It cannot be overlooked that major economies, such as the eurozone, are already in recession. I think the liquidity that will pour out of the new cycle into the markets and economies will meet a structurally weak private sector that will not absorb this money because it has been squeezed out by the state. Above all, it will further fuel the trend of cost-push inflation in the commodities sector.

Heat Map by @crossbordercap