Inflation expectations are breaking out and approaching 3-year highs. Markets aren’t stupid. While the talking heads debate whether tariffs are inflationary or deflationary, here’s what’s really unfolding: ▪️Money supply is hitting new highs ▪️A shadow Fed Chair is in the mix ▪️Commodities are broadly moving higher ▪️The U.S. dollar is on track for its worst year since the 1970s ▪️And a “Big Beautiful Bill” is already in the works In my view, a resurgence of inflation is already underway.