There’s no question about it: inflation is not transitory. The latest Consumer Price Index revealed prices of everything except food and energy went up 4.6%, the quickest spike since August 1991. The CPI also showed a 6.2% surge from October last year. U.S. consumers are feeling the hike in energy prices—oil is at nearly $82 a barrel, and electricity bills are at the highest they’ve been since 2009. Meanwhile, more automobile companies are joining the race to give Elon Musk a run for his money. The latest to enter the fray of Tesla rivals is the electric-vehicle startup Rivian, which debuted in trading today with the highest Initial Price Offer since 2014, starting at $78. The company’s valuation has already beaten Ford and General Motors. Jared Dillian, the editor of The Daily Dirtnap, joins Ash Bennington to discuss all of this and more. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3n2nIxm