We are joyfully anticipating and participating in the post-pandemic robust economic recovery and at the same time sensing the beginning of a gradually less supportive environment for stocks and bonds as the market participants test the resolve of the Fed on its patience and its reaction functions to reflation.  Can the Fed really play God and calibrate a 2% inflation while getting back to a 3.5 unemployment and a 2.5% plus GDP economy in the longer term?

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