Inflation has fallen from its post-pandemic peaks, but the underlying story may have dramatically changed. In this paper, we argue that disinflation has stalled and that markets may be underestimating a structural shift to a more inflationary world. 

The global energy landscape has shifted. What were once considered tail risks are now recurring features of the macro environment, with recent disruptions highlighting the structural vulnerabilities created by energy import dependence.

Digital assets are moving from concept to institutional reality and will reshape the plumbing of financial markets.