This is exchanges at Goldman Sachs where we discuss developments currently shaping markets, industries, and the global economy.

I'm Allison Nathan, a senior strategist within Goldman Sachs research.

Today we'll be discussing a topic that's a growing concern for companies, investors, and individuals.

Inflation.

To do that, joining me here today is David Miracle

of Goldman Sachs Research

and Josh Schifrin from our Global Markets Division.

David is our chief US economist

and he's here to talk about the economic implications of

inflation and what inflation development suggests for Fed actions ahead.

David, welcome to the program.

Thank you, Austin.

David, it seems like signs of inflation are everywhere, from the price of raw materials and

commodities to rising wages, and even the price I'm paying for my coffee right now.

Earlier this month, we did see a surprisingly strong

CPI print. What do you make of these inflationary impulses? Are they transitory

or should we expect a lasting inflationary environment ahead?

Certainly we've seen over the last couple of weeks

a number of data points that are pretty alarming

from an inflation perspective.

We had expected a strong CPI report in April

and the report that we got blew past even our expectations.

...