The debate over inflation was center stage this week and although the current environment is a far cry from the 1970s, rising prices could mean complications for both companies and central banks.

Each week, a member of the team, offers perspective on the forces shaping the markets as well as insights on investment opportunities and risk across global asset classes.

Amid pricey valuations and growing evidence of labor and supply-chain issues, investors may want to adjust their focus, as we exit the early stages of the U.S. recovery.

Each week, the team offers his perspective on the forces shaping the markets and how to separate the signal from the noise

Amid strong economic growth and new stock-market highs, reasons for concern have begun to materialize. Emerging supply-chain imbalances stand out as a risk.

As is often the case with bull markets, a lengthy run of good news and better-than-expected economic data has helped propel stocks to all-time highs. Investor risk-taking has increased, and confidence has begun turning into complacency. Now, new risks are emerging. Key among them: mounting supply-chain woes that are making it harder for businesses to keep up with soaring demand.

In addition to healthcare inequality, the COVID-19 pandemic also helped underscore the importance of social justice and creating a livable and sustainable environment in diverse communities. As a result, some non-profits, governments, companies and investors hope to address these issues as part of a broad economic reopening and an effort to build long-term resilience to large-scale risks. Bonds tied to sustainability projects could play an important role in making this happen.