Of course, acceleration would moderate to some lower but sustainable level (or worse).

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The first measure comes from the Bank of International Settlements, which found that if private debt as a share of GDP accelerates to a level 6% higher than its trend over the previous decade, the acceleration is an early warning of serious financial distress.

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On the other hand, an acceleration in the inflation rate to just 3.0% would be expected to boost the level of the index by 8.92% annually through 2019.

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