from ZeroHedge:

Over the past year, we have repeatedly said that the endgame for this particular episode in central bank stupidity will be when the Fed is dragged, kicking and screaming, into hiking the US inflation target (read this, this and this).

And while it will take at least a few more years before the Fed admits defeat – should it pause and/or pivot it will take far shorter – one place where a central bank inflation target increase is imminent, is Brazil.