“that the weighting to sectors which are the best inflation hedges (commodities) is the lowest in about 100 years.”
Maybe because the Fed knows throughout history every inflation ends in a deflation. And they are trying to avoid a deflation. So they are thinking? “Tell the public don’t worry, the inflation will be temporary” then unneeded over production with higher prices and less consumption, because of higher prices, the prices will crash.
Remember Oil??? $145/bbl with a 72 dollar led to oil crashing to $28. When this artificial man made global economy crashes, because of floating value fake currencies, Gold will be the bottom denominator.