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Current situation: 1. The US is preparing $2,000 stimulus checks 2. Japan is preparing a $110 billion stimulus package 3. China has approved a $1.4 trillion stimulus package 4. The Fed is officially ending QT on December 1st 5. The US is issuing~$1.9 trillion in treasures per year 6. Canada is restarting its Quantitative Easing program 7. Global M2 money supply is at a record $137 trillion 8. Global rate cuts are at 320+ over the last 24 months In what world is another wave of inflation not on its way?

Almost exactly one year ago, Jay Powell said: "I don't see the stag, nor the 'flation.'" Today, the Fed’s projections anticipate both. This is a timely reminder that we’re still grappling with a rare trifecta of macro imbalances: Inflation like the 1970s, government debt levels resembling the 1940s, and equity valuations as stretched as in the late 1920s. None of us own enough hard assets, in my view.