Home Latest Articles Summary The market is underestimating persistent inflation risks from the prolonged Strait of Hormuz closure and Middle East escalation. Recent CPI acceleration, driven by energy and critical commodity shortages, mirrors the early stages of the 2021-2022 inflation crisis. Investors remain complacent, buoyed by strong earnings despite structural supply shocks in ethylene, helium, and urea. I remain cautious as the mainstream 'temporary inflation' narrative persists, while geopolitical risks and supply disruptions threaten a renewed inflationary spiral. DNY59/iStock via Getty Images The 2021-2022 Temporary Inflation In May 2021, the U.S. CPI (YoY) reached a concerning 5%, and the reasons related to the economy’s overheating were multiple.…