Investors are always looking to history for guidance by attempting to find the most economically comparable period to the present. Two timeframes are the most conspicuous, the 1940s and the 1970s. Some macro investors today are citing the 1940s to validate the Fed's hypothesis that the recent rise in consumer prices will prove to be transitory. Ironically, if the past is prologue, this period supports the idea of inflation getting much worse before it gets better today. The 1970s period, meanwhile, substantiates the risks of an even longer lasting and more gradually rising inflationary trend that could last more than ... (full story)