In early 2020, the Covid pandemic prompted governments to shut down whole economies. Racing to the rescue here in the U.S., the Federal Reserve and Washington pumped an unprecedented $ trillions into our economy. By mid-March 2020, the Fed had cut the Fed Funds rate to a historically low 0.25%. Soon it was crystal clear that bonds were an unwise investment, providing a tiny or even negative yield. After a sharp drop in stock markets worldwide and with strong tail winds from central banks and central governments, stocks plainly were a bargain compared to bonds. Investors realized THERE IS NO ALTERNATIVE (TINA). TINA was now the call, and that call paid off handsomely: the major stock market averages are up over 70% since the March 2020 market low. But the Covid lockdown, especially in China, caused unprecedented supply chain disruptions that, along with the $ trillions of infusions into our economy,boosted inflation to levels not seen since the early 1980s.