$CENTRALBANKS - Central banks, particularly the Federal Reserve, have likely achieved a 'soft landing' and demonstrated effective monetary policy in response to COVID-19 inflation, showcasing their ability to manage economic challenges.
$BONDS - Long-term bond yields have remained surprisingly stable despite recent inflation, suggesting potential strength in the bond market.
$USD - The Federal Reserve's hard-won low inflation expectations could support USD strength, though maintaining these expectations is crucial.
Bearish:
$EM - Emerging markets with less established inflation-fighting credibility had to respond more aggressively to inflation, potentially putting them at a disadvantage.