Deutsche Bank explores the increasing correlation between fiscal and monetary policy—what they call the “Fiscal Dominance Era.” The report argues that policy normalization has ended, with central banks pressured to accommodate rising sovereign debt loads. This alignment between fiscal largesse and monetary leniency risks market complacency, higher inflation persistence, and eventual financial repression. They state, “If 2012 marked “cheap US,” 2025 may represent “peak US”—at least in pricing terms.”