TLDR: The transitory inflation debate is a waste-of-time distraction. Animal spirits will dictate the breadth, scale and duration of inflation, not textbook definitions about what constitutes inflation and what does not. And animal spirits are far more likely to be influenced by the role poorly thought out government policy has played in driving inflation and geopolitical risk in the first place — notably lockdown and net zero policy.

Investors can’t afford to get swept up by the propaganda wars. To stay afloat in such choppy market waters one has to maintain a cool and relatively dispassionate head. And doing so is not unpatriotic.