We have seen the fastest rate hike cycle ever, an aggressive working away of excess liquidity created by central banks during the lockdown period. For some months now, the tide has been turning and, as the figures show, the money supply in the US is now also slowly increasing. The bond market has done its job or is in the process of easing credit conditions, interest rates are falling and central banks are following suit to maintain the illusion of bond market controllability through their actions. The next wave of inflation is in the making...