Inflationary pressures, already at a 30-year peak for the U.S. economy, are building to a crescendo. Supply-chain backups, high energy prices and surging rents could push the inflation rate to levels last seen in 1982. But the biggest risk to the outlook for the U.S. economy and stock market comes from the labor force shortages that are forcing big wage hikes even at huge employers like Amazon.com (AMZN) and Walmart (WMT).
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