I have been digging to see how things have played out in the past when presented with the current set-up. As you might expect, pandemic lockdowns, supply constraints, fiscal spending, and massive monetary accommodation topped off with a huge jump in inflation, ensures that there are few analogs to look at. When, over the last 40 years, have we seen a meaningful synchronized move higher in oil, the dollar, and 10-year yields? Not often, and not of this magnitude across all three asset classes. In theory, this should be a toxic mix that taxes consumption, raises borrowing costs, and shrinks global liquidity. {chart} ... (full story)