Titel: Can we expect a new commodities supercycle and how to position for it?
Omschrijving: Inflation seems to have “carte blanche” for the time being – at least according to Jay Powell who said the Fed would not adjust its monetary policy even as the economy gathers pace, inflation starts to settle at structurally higher levels, and bond investors start to worry. Ultra-stimulative monetary policies are here to stay and combined with a strong global rebound could mean that commodities are likely to be in high demand as inflationary hedges. A decade of underinvestment (low capacity additions) and ESG leading to higher project costs mean that new production capacity cannot match the acceleration in demand for commodities. A new commodity supercycle is looming.