The inflation that we are experiencing is mainly a result of U.S. Federal Reserve policies that have been too loose for too long and remain overly accommodative in our view. While the war in Ukraine does not help the global economic situation and is a humanitarian tragedy, inflationary pressures were building for months prior to Russia’s invasion.
Broader supply chain disruptions have also been a challenge; however, we see signs that these problems are easing even with high inflation.
The primary cause of inflation is…
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