As investors stake their hopes in a Fed pivot, the current consensus view for the rest of 2022 entails policymakers curbing the effects of inflation through rate hikes and liquidity reduction with slowing growth. Vincent Deluard, director of global macro at StoneX, disagrees that this is a likely scenario with more structural dynamics at play that will keep inflation elevated for longer. Along with Real Vision’s Maggie Lake, he walks through what he believes are the three great shortages—energy, labor, and trust—that will result in a decade of structural and sustained inflation. Recorded on August 17, 2022.