The themes for the June quarter are inflation, inflation, and inflation. The ASX defied gravity in the first quarter, but we have managed to catch up with the rest of the world this quarter. It’s a sea of red out there – is there any good news? Well even though bonds have been knocked down once again, they appear to be getting back off the floor. And while we can’t say much about equities in the short term, we do know that they recover quite quickly from market downturns.