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Supply Chain Breakdown and Inflation
Jim Cevallos: I've been a longtime fan of yours. You are always one of my favorite guests on TIP. In your book, currency wars, you describe inflation and deflation as sort of this tug of war-like dynamic that's been playing out. And lately, inflation is more prominent, it would seem, but deflation effects are very much still at work. So could you walk us through how both scenarios might play out and how each of them might further impact the Fed's agenda?