Vincent Deluard on the recent PCE data and how it has not yet reflected the full impact of inflation. He sees much consumer pent up demand down the road because people have been paying credit card debt rather than spending. The wealth shock of 2020 was the largest ever, but consumption has yet to respond. HIs analysis suggests the PCE inflation gauge will spike by 12% in Q2 and inflation will accelerate by 9% in Q4 2021. Vincent suggests investment banks are the most logical place to be when there is more cash than ideas.