It is important to understand all the consequences of the "end of inflation" in the United States

In the United States we are seeing an "end of inflation": despite the return to full employment, there is no acceleration in wages or unit labour costs, and no rise in wage inflation. It is important to understand all the effects of this "end of inflation" in the United States: An end to the sharp rise in interest rates at the end of an expansion period, and therefore perhaps an end to recessions and cycles; A need for the Federal Reserve to have a decision criterion for monetary policy other than inflation trends; The fact that rises in interest rates, and therefore debt crises, can be triggered only by external inflation shocks: rising commodity prices, geopolitical crises.