We expect the Fed to make a game-changing announcement within months that their long-held belief that low inflation is transitory has been wrong. Inflation has been running well beneath the Fed's 2% target for well over 5 years now despite rising employment, a near record low level of unemployment and accelerating nominal wages. We have been commenting for years that low inflation is sustainable due to the competitive effects of globalization, rapid changes in technology, and the incredible birth of disruptors changing the status quo industry by industry. Unfortunately, the Fed has remained dogmatic, looking