It is a crazy world out there.

I liked this paragraph from Michael Hartnett in his latest market strategy note. "On June 8th 2020 New York City announced stage 1 "reopening" after 13-week COVID lockdown, permitting curbside pickup from retail outlets. If  you had said then that two years later US retail sales would be up 67%, unemployment would fall by 17 million, inflation would surge from 0.1% to 8.3%, oil would soar from $12/b to $120/b, that a pandemic would be followed by war & famine, you would have been thought utterly mad; but that's what happened. 2020 marked a secular low in inf...