“Transitory” is not a term that is embraced by any other Central Bank": "Unfortunately, of the three Central Banks mentioned above, the Fed is the least anxious to reverse its near 3-year, 0% interest rate regime. Consequently, there is little reason to expect the US dollar to appreciate against the euro, C-dollar and Brazilian real over the balance of the summer.
In terms of owning inflation protected securities (TIPS), we find that at current price levels they offer absolutely NO protection against further increases in the US inflation rate. Rather, we believe that you should (at this point) own real assets such as commodities..."
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