The world’s biggest asset manager BlackRock said the era of steady growth and inflation was over as it revealed it had slashed its exposure to developed market equities and was bracing for extended period of volatility. In its mid-year outlook statement yesterday, the investor said it was now bracing for a “persistent inflation amid sharp and short swings in economic activity” after a fundamental reshaping of the global macroeconomic environment. “The Great Moderation, a period of steady growth and inflation, is over, in…
