Inflation Could Have a Two Hand by the End of 2023

Inflation is running hot, but when we take a step back and we think where a lot of the inflation has come from. Up until this point, it's very much been driven by disruptions on the supply side. We are seeing inflation begin to broaden out. And that implies that investors buying fixed income, particularly current yields, certainly not going to receive a positive real return if interest rates rise. So we have to be very careful about it.