• Inflation is everywhere. Especially in the financial press and in analysts commentaries. We were particularly struck by this comment from Monday’s US ISM manufacturing PMI survey:

 

“In 35 years of purchasing, I’ve never seen everything like these extended lead times and rising prices — from colors, film, corrugate to resins, they’re all up. The only thing plentiful at present, according to my spam filter, is personal protective equipment [PPE].” (Plastics & Rubber Products”

 

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