In our latest Market Talk podcast, Ewout van Schaick, head of Multi Asset, comments on the surge in US April inflation data. He notes that the gradual re-opening of developed economies is being accompanied by a release of pent-up demand. Suppliers of many goods and service had meanwhile reduced supply in anticipation of a longer recession, which has created tight supply in parts of the labour market, acute shortages in some materials, major bottlenecks in supply chains and rising transportation costs and prices for many commodities.