Crack! Beware the inflation bullwhip

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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.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.