Photo by Yiorgos Ntrahas on Unsplash

The markets and economy have suffered a “sea change” in recent years that has dramatically transformed the investment environment.

But there is also a sea change now underway in a geopolitical sense that likely only exacerbates this secular economic shift.

Already the foundation has been laid for a bigger inflation problem than we have seen so far.

And markets may be starting to worry about how these geopolitical trends could make the Fed’s job far more difficult.

Because, even while inflation pressures persist, growing dispersion in the stock market sends a clear signal about where we are in the economic cycle.

Thanks for reading and have a great weekend.

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