(Photo: AP)

Some of the world’s largest asset managers such as BlackRock Inc., Fidelity Investments and Carmignac are warning that markets are underestimating both inflation and the ultimate peak of US rates, just like a year ago.

The stakes are immense after Wall Street almost unanimously underestimated inflation’s trajectory. Global stocks saw $18 trillion wiped out, while the US Treasury market suffered its worst year in history. And yet, going by inflation swaps, expectations are again that inflation will be relatively tame and drop toward the Federal Reserve’s 2% target within a year, while money markets are betting the central bank will start cutting rates.

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