"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.