Inflation in April was 4.2%. It's as high as it's been in a long time. How does inflation impact your plan? So everybody’s concerned about stock rally, stock corrections, how's that going to affect my future? Nobody really thinks too hard about inflation. I mean, there's been a lot of concern lately, but how does inflation impact your plan? First, when we look at inflation, when we look at 4.2 as a headline figure, we do need to remember what was going on a year ago - last April. Last April was an extraordinary environment; borderline deflationary. In fact, the concern of the time was will this turn into a deflationary spiral? So we've got to look at the base rate before we go any further. And the base rate is based off in this case, what was going on a year ago, in April, 2020 - right after COVID...
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