Stagflation May Be Our Next Stop (but that is not what I am worried about)

Painting is by my father, Naum Katsenelson

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This is a follow up to Vitaliy’s previous article, Six Reasons Inflation is So High.

I look at these letters as a continuous conversation. I’ve been having a conversation about inflation with IMA clients and my readers for a while, and you can catch up on my previous articles on this topic here. In the last excerpt from my IMA client letter, I examined the new culprits that are causing inflation: rising interest rates, persistent supply chain issues (China locking down cities), and climbing energy and fertilizer prices.