Deutsche with the note on why elevated US activity and inflation are not over yet:
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So far, share markets have been relatively calm about supply chain problems. This could signal investor complacency given that reports of supply chain shortages and price jumps have been hard to avoid. One of the most worrying examples is the global chip shortage. Indeed, the world’s dependence on semiconductor chips has been exposed during the covid pandemic as customers rushed to buy computers, game consoles, televisions, and electronics in general.