As I wrote yesterday, companies that benefit from short-term inflationary pressures, such as Alcoa (AA), have a good short-to-medium-term outlook. As long as the Fed believes in what Powell stated, which is that this is just a temporary phenomenon, prices can continue to rise, and rates will stay low. And yet, stocks have been sold off, resulting in charts that look like this going back to early May: I guess this would make sense if the high demand and rapidly rising prices for products had led to sky-high P/Es, but that is absolutely not the case.