The Consequences of Inflation

A lot of people are still stuck on this narrative. The inflation's going back to 2%. It's just, you know, you say that it was last year's word to say transitory. But I don't think everybody gets it that inflation's here to stay. What happens when everybody figures it out? Well, it's creating all kinds of certainty in markets already. You've got people saying, well, why would you be a bond buyer when we still have effectively negative real interest rates? Much better to put your money into stocks.