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Economic recovery and inflation are increasingly being shaped by supply-chain issues: notably labour shortages and production bottlenecks. Manufacturers say a lack of equipment and materials are limiting production, while transport costs have surged. These shortages could have a lingering impact on inflation, which is now being felt across a range of sectors. Labour shortages are forcing employers to raise wages. Provided the business cycle does not end abruptly, the environment still favours equities over bonds. Nevertheless, the risk for markets is that higher inflation becomes more entrenched, forcing central banks to raise rates. SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you’re interested in: https://bit.ly/2SKomDqGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonThis episode was recorded on 30/09/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531