We’re staring down 1970s inflation, 1940s debt, and 1920s asset bubbles. Hard assets may be the only real hedge left.
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 …