In response to the COVID-19 pandemic, governments around the world implemented ultra-expansionary monetary policy to avoid economic collapse. Massive amounts of stimulus were injected into the economy and rates were lowered at a speed and scale not seen since the Great Recession. The stimulus, combined with a quicker-than-expected recovery in economic activity, led to a significant demand shock, which, in the early stages of the recovery, had an outsized impact on goods. The global supply chain, however, did not recover as quickly due to the lingering effects of COVID-19. Rolling lockdowns in China, have weighed significantly on global supply, an issue which has been further exacerbated Russia’s invasion of the Ukraine and the resulting sanctions. The current environment is one characterized by demand significantly outpacing supply, causing inflation at levels not seen since the 1980’s.