If you think high inflation is a temporary thing and the world will be back to pre-pandemic normal, you're at odds with some of the world biggest bond investors, according to a Bloomberg report. They figure the Fed's goal of 2% inflation is largely a pipe dream, which is why they've loaded up on inflation-protected bonds, exposure to commodities, and keeping plenty of cash—yes, cash—on hand.

What sustained low inflation during a long stretch of expanding globalization were cheap energy and labor. (Long-term easy monetary supply that central banks kept hoping would juice growth would probably be a sober addition.)

But time for a deep breath. Look up the historical annual inflation rate in the U.S. Plenty of stretches had inflation rates of significantly above 2%, the Fed's target. Commercial real estate didn't fall apart.

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