Lots of inflationary pressure building. - Debt repayments are entering a level similar to 1990s due to high rates and debt, meaning the government will eventua

Lots of inflationary pressure building. - Debt repayments are entering a level similar to 1990s due to high rates and debt, meaning the government will eventually have to use inflation to reduce it. - Trump's hostility to energy and housing, two primary drivers of inflation - Tariffs - Deportations of farm workers Inflation expectations according to surveys and rates markets are back up to 2021 levels. The only thing pushing against inflation is a relatively strong real economy, which isn't guaranteed to last if the tariffs and deportations happen.