The Bond Market Has Done a Good Job of Sorting Out CPI Inflation

The bond market has done a very good, if not perfect, job of sorting out whach c p is represent monitary inflation and which are just transitory supply shocks or transitory shocks for other factors. But i still think that an energy led price shock is coming, which is going to dramatically increase,. first energy prices, and then almost everything else has energy as an input cost. So the price of everything else goes up. That results in even more unhappiness with lower income consumers particularly.