Private notes. Jane Castor speaking. “New Covid-19 is going to shoot up like a rocket”. Frank Hibbard - Clearwater mayor speaking. Tampa is growing at an unprecedented pace. “Labor and supply chain will continue to be an issue”. JW Marriott coming to Clearwater beach. Jeff Korzenik (Chief Investment Strategist of fifth third back). The reckoning will be the result of the loss of GDP created, labor force challenges, supply chain challenges caused by the pandemic. High inflationary rates for the foreseeable future. “Google mobility data” shows that food and retail demand is coming back and is close to stabilized. Unemployment is down but federal economic spending is staying extremely high. Fed will start hiking rates this year (gradually). “The fed will be very reluctant to raise rates due to the lack of people in the workforce but they will have to do it”. Expecting 3 rate hikes this year. There is a big problem with baby boomers exiting the work force and the lack of the new generation joining the workforce. The people who lost their jobs in the pandemic do not want the jobs that are available post pandemic. Augmented unemployment benefits made that an easy decision for those without jobs. But as those benefits are ending, more people are facing the music. The labor force issue is the largest one in our near term future. “Labor force participation rate” is lower than ever. Joel Stevens (senior managing director for Bernstein wealth management). Fireside chat. “Eric”. We are about to experience some very turbulent times. And the best strategy is a passive strategy. Especially with equities through index funds.. The build back better bill is a government spending bill so it will have inflationary elements.. If we’re concerned that inflation will be too high in 9-10 months, then rates need to be raised now. And it is his belief that it will happen before March.. The concern is that if the rate hikes do not stabilize inflation, the fed will be hard pressed to balance the economy for the first time in almost 20 years.. The biggest economic threat that we face right now is inequality. Having a more equal distribution of wealth is the best way to have growth from stimulus.. Because people coming from different walks of life will use stimulus money differently. Some people will use it to survive and other people will pocket it.. Inequality also creates polarization in politics. How can you plan from a business perspective if the economic policies are changing every 4 years. There are 3 ways that levels of inequality were experiencing has been stabilized. Recession - but the Covid recession didn’t work. Wars - common enemy for people to unite against. Revolutions. Tax code - tax the wealthy, spend on the poor. “Would you rather see a mob with pitch forks at your door at 4am or the tax man”. There are huge opportunities right now. Covid accelerated changes that were already underway for our economy. The enhancements of productivity are exponential - an evolutionary change. Maybe businesses need to invest less in office space and more in technology. Matthew Harrell speaking. Rent growth will continue in Tampa. We are one of the fastest growing economies in the nation.. Population growth is going to drive rents in all assets classes. Real estate will remain a highly sought after investment