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Who Is Benefiting From High Commodity Prices?

Isnt the picture more nuanced than that in the credit card space?

If inflation spikes and the economic picture worsens, the transaction processors (MA, V) may benefit in the short run, but that is only fuelled by the fact that the banks who issue the credit are willing. When the chickens of delinquency come home to roost under a prolonged downturn, its hard to see how they will benefit.

Under an inflationary environment, creditors usually suffer, debtors paying with cheaper money benefit.

But its not clear to me that we can paint this as an inflationary environment with one brush. Its clear that cons staples (due to both supply/demand and speculation) will continue to face inflationary pressures (even after today's pullback). Its not clear whether durables are undergoing deflation.