Luke Gromen: China deflation is not offsetting U.S. inflation

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Yaroslav Dmytrenko

21.09.2026

Luke Gromen: China deflation is not offsetting U.S. inflation — China deflation not offsetting U.S. inflation

Luke Gromen, founder, president, macroeconomic analyst, investor at FFTT, LLC (Forest for the Trees), draws attention to the lack of impact of Chinese deflation on U.S. inflation.

Gromen describes this as a "dog that did not bark," suggesting that the expected offsetting effect between China’s deflation and U.S. inflation has not materialized. He argues this may point to the influence of de-dollarization dynamics.

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Gromen has previously argued that allowing gold prices to rise could help balance U.S. trade and encourage Chinese consumption. In a separate analysis, he noted that gold has historically outperformed major sectors during late-stage U.S. capex booms. His recent comments build on these earlier observations about the interplay between U.S. monetary factors and Chinese economic behavior.

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