A forthcoming trilogy of inflation research notes will lay down the macroeconomic arguments why we see significant upside risks to inflation, not only over the next few months but potentially further into the future.  This edition of Fathom the Strategy finds scant evidence that investors have priced in any significant inflation risks over and above those associated with a normal cyclical recovery. Now might therefore be a good time to broaden the diversification of any portfolios underexposed to inflation dynamics….