🟢 [E322] Agrees with thesis. Services deflation should keep CPI low, food could see efficiency gains. Fed only has hammer for 2 mandates - liquidity creation increasingly directed by Treasury. 2022 lesson: inflation hedges work in advance during deflationary period.

🟢 [E728] Inflation hedges like gold and BTC work vs actual inflation but act well in advance during preceding deflationary period. By time high street inflation comes, Fed talking about tightening and trade is 'over'. But if just measuring CPI, that possibility declines as AI tsunami progresses.