Are We in a Different Mode Right Now?

The last time everyone freaked out about a credit spreads was when oil prices were so low that all that junk energy debt was under pressure. But i'm curious how you both are thinking about inflation. Have we sort of progressed away from the supply chains and and sort of that big reboundand demand being the main drivers of inflation? Are we more now? And sort of the scary, a lingering effects of inflation, with wages going up, and that forcing a cost to go up,. That cycle sort of feeding on to itself, a sort of that that labor push inflation.