Short-lived or sustained? What’s really driving inflation and how to protect portfolios against rising prices
The latest US Consumer Price Index data for May showed a 5.0% increase from a year earlier. But this was dismissed as “transitory” by policy makers and the Fed, being measured against historically low prices at the height of the pandemic last year and affected by “one-offs” such as rising used car prices.
However, there is a groundswell of opinion suggesting that we are in the midst of a shift-change in the multi-decade trend of low and stable inflation. Changes to supply chains and labour markets, combined with extraordinary stimulus and loose fiscal/monetary policy, could ultimately lead to higher-for-longer inflation.
Meanwhile, traditional sources of inflation protection such as commodities and gold have proved largely ineffective in a post-Covid world.
Join Tabula CIO Jason Smith and Dr Manoj Pradhan, former chief economist at Morgan Stanley, for a CPD-certified webinar on inflation, Wednesday 23 June at 14.00 (BST).
Manoj will discuss the macroeconomic themes driving prices, drawing practical examples from The Great Demographic Reversal, the book he co-authored with famed economist Professor Charles Goodhart.
Jason will review how to protect portfolios against inflation, detailing the pros and cons of traditional approaches.
Tabula is a London-based asset manager focused on fixed income. We offer a growing range of differentiated UCITS ETFs and funds to professional investors. Our ETFs provide unique solutions in the fixed income space, and help investors achieve greater control of the risks and rewards inherent in investing.
Tabula is a CPD member and this event is CPD certified.
About the speakers
Dr Manoj Pradhan is the founder of Talking Heads Macroeconomics, an independent research firm. Manoj was most recently Managing Director at Morgan Stanley where he led the Global Economics team. He joined Morgan Stanley in 2005 after serving on the faculty of George Washington University and the State University of New York. Manoj works on thematic global macroeconomics, with a focus on emerging markets. He has a Ph.D. in economics from the George Washington University and a Masters in Finance from the London Business School.
Jason Smith is Chief Investment Officer at Tabula with responsibility for designing and building new funds. For over 20 years he was a senior portfolio manager at several leading global asset managers. Prior to Tabula, Jason was most recently a senior portfolio manager at Goldman Sachs Asset Management, where he focused on a variety of fixed income portfolios including rates, inflation, LDI and secured finance. Previously, he was head of portfolio management for the absolute return funds at Barclays Capital, receiving both a Citywire ‘A’ rating and Lipper leader award for performance. He also managed a range of fixed income and absolute return portfolios at BlackRock, JP Morgan, Towers Perrin and IBM. Jason holds a BA in Banking and Finance from the London Guildhall University and a post-graduate diploma in Artificial Intelligence from the University of Westminster.