Today we have got up with the Yields higher and therefore the futures of the main indices globally falling >1%. This is not an insignificant drop since in many cases such as the UK 10y yield has risen more than 1%, which implies that this is the first time this has happened since March ’20. It is not necessary to remind you that it happened at that time.

This is because the market is already beginning to understand that we are not in a deflationary environment and that, therefore, this inflation is not transitory and that everyone's purchasing power has dropped significantly in the last year and a half. This has caused the UK's 5-year inflation expectation rate to reach highs not seen since June 2008.

The biggest losers have been the middle and lower classes who are seeing how the price of all raw materials marks historical highs and that in the case of some developed countries, gas stations and supermarkets are running out of stock. The most pro…