BSJT - 'Polishing Your Surfboard' When There's A Financial Hurricane Outside

• There is no shortage of reasons for inflation’s push higher this year – commodity shortages due to the war in Ukraine, continued demand for housing amidst strong fundamentals, and low inventory and fresh lockdowns in China creating new waves of supply chain issues.
• Recession has been a buzzword ever since the yield curve inverted in early 2022.
• During the last two hiking cycles, returns from the second hike to the equivalent policy rate that is being priced by year-end 2022 were accompanied by uniformly positive returns.

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