Investors continue to face high valuations while policy makers continue to apply unprecedented economic support through fiscal and monetary stimulus. Inflation fears were supported by a high CPI reading, signs of a tight labor market, and producer bottlenecks. However, we continue to expect inflation to normalize as base effects from 2020 dissipate, and the invisible hand relieves supply constraints. Pricing, policy, and fear aside, the surge in capital expenditures should support the ongoing economic rebound.