Macro Minutes: Inflation: Where Do We Go from Here?

In May’s Macro Minutes video, Fisher Investments’ Portfolio Engineer Chase Arneson discusses inflation, focusing on the unique set of circumstances that have contributed to its recent rise. He explains why we believe those drivers are unlikely to continue and why inflation will likely moderate.

Key Points

  • COVID lockdowns caused an extreme shift from consumers mostly spending on services to focusing on goods.
  • The shift in consumption caused inflation in goods, leading to goods accounting for most of the increase in core inflation. But, we believe goods inflation will likely moderate going forward.
  • While wage growth could stay strong, this does not necessarily mean total inflation must also rise.


*The foregoing information constitutes the views of Fisher Investments based on information believed to be reliable. There can be no assurances that Fisher Investments will continue to hold these views. These views may change at any time based on new information, analysis, or reconsideration.
About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $197 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments Private Client Group International, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 100,000 clients. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 3/31/2022)