July 2, 2021
In a undersupplied labor market that is overwhelmed with demand, these workers will be commanding higher wages. And higher wages will feed into an already hot inflationary environment.
With this backdrop, we'll kick off Q2 earnings season when bank earnings start rolling in, the week after next. Q2 earnings are going to be huge, especially compared to the same period a year ago — in a locked down economy.
In sum, the month of July will probably be the realization (in the data) of a boom-time economy. But it will also come with the realization that we are entering a period where we could very well see double-digit inflation by next year.
These are the moments when wealth can be destroyed, by holding cash — and wealth can be created in key asset classes.
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