USMC - Supply Chain Disruptions And Bottlenecks Dampen The Global Economic Recovery

• Scarcity of inputs and goods has been felt all over the world because of disruptions to global value chains since the beginning of the pandemic.
• Higher inflation has been a global phenomenon, even if with different intensities and multiple determinants. A mismatch between demand and supply can also be found in the energy price shocks.
• The running of supply chains in the U.S. has also been affected by an unexpected shrinkage in the workforce because of acceleration in retirements caused by the pandemic.
• The Fed's ‘wait-and-see attitude’—moving on to the tapering this year and likely small rises at the end of next year—is opposed by those who think the Fed is already behind.

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