Is the Inflation Genie Coming Out of the Bottle?

The Fed will be cutting rates very soon and earnings are going to be very strong. If you thought inflation was coming down to two to three percent, why would you be buying the tenure at three percent or three and a half? That's the one thing I don't think is happening. And with onshoring and lots of other issues that have moved us away from globalization, then I think that the entire playbook of the last 40 years has to be read in reverse.