Steve wrote: Seems I was barking, so many years ago I still had hair, with color in it, that a country needs to be able to feed itself, finance itself, and fuel itself, or it surrenders it's sovereignty, to those it has become dependent on.

Any policy which moves away from this optimized state in order to increase national security, supply chain robustness, near-shoring or other factors mentioned in the article will be inflationary.

Loss of sovereignty has costs that are not quite as obvious as the price of a new TV, but just as real. [end quote]

Steve, I agree with you. I have said the same thing since ... well, always. I also said that running a trade deficit puts a country at the mercy of its creditors.

But the immediate, market-affecting consequence will be inflation. I own TIPS that are adjusted to the CPI-U. The long-term real costs may be beneficial but they will be long-term and not as direct to our investments.

Wendy