» U.S. CPI peaked 9% (June 2022); now ~3% (as of late 2025). » Demand-Pull: Demand > supply via $5T+ stimulus, Fed low rates/bond buys; M2 +$5T, savings +$2.3T. » Cost-Push: Rising inputs, esp. energy; oil $40→$120/barrel (2020–2022) from OPEC+/war; 10% hike adds 0.2–0.4% inflation. » Housing Driver: 35% CPI; lags rents 12–18 months; prices +44% (2020–2022); structural shortage post-2000s. » Other Sectors: Food (14% CPI) high from energy/commodity spikes (e.g., grains +30–50% 2022). » Causes and Outlook: Policy, shocks (pandemic/energy), structural (housing); monitor ISM/Zillow; 2% needs growth, stability, reforms.

» Individual bonds demand large portfolios, lack liquidity, and require active management of maturities. » Bond mutual funds create tax inefficiencies and offer limited transparency. » Bond ETFs deliver liquid, transparent, and diversified fixed income exposure. » ETFs provide strong tax efficiency, giving investors better control over gains. » ETF-based managed portfolios offer institutional-level bond management with low minimums.

» Despite increased hardships for those more directly impacted, historical precedent and current indicators signal limited drag on the $29T economy. » Direct federal spending accounts for only ~6% of U.S. GDP (excluding transfers like Social Security, counted in household consumption). » Solely from an economic perspective, continued household consumption and corporate earnings growth sustain demand, framing the shutdown as political dysfunction rather than an economic crisis.