Our view is that the Fed will only truly pursue an extended tightening course (full wind down of QE followed by rate hikes), if price inflation continues to where the Biden Administration feels it will cost the Democrat Party in the 2022 mid-term elections and/or hurt Biden’s chances for re-election in 2024. The Fed is an appendage of the U.S. Treasury. Beyond subsidizing fiscal initiatives and propping up the equity markets, The Fed could not care less about the U.S. Economy, otherwise it would have curbed price inflation by now. No, the Fed wants price inflation running hot as it helps inflate away the fixed rate interest expense on the $28.4 Trillion in Public Debt. Thus, more good news for the beneficiaries of the “Everything Bubble” including already overvalued Tech stocks. Were I running a Corporate Development organization I would be chasing strategic partnerships hard such that when valuations do fall back in line, those partners would be my first priority acquisition targets.