The market is 'too sanguine' about inflation, says Lazard's Eric Van Nostrand

• U.S. economic progress is about as concentrated as it's ever been, driven by high-income consumers and AI infrastructure investment, making growth fragile.
• Markets are 'far too sanguine' about inflation over the course of the year, with underlying trends suggesting potential re-acceleration.
• Continued risks of rising inflation are present from tariffs, broader global supply shocks, and aggressive immigration policy reducing labor supply.
• Retailers have mitigated tariffs but may face future 'one-time issues,' and inventory numbers require deeper analysis beyond just value.

Eric Van Nostrand of Lazard Asset Management discusses January's CPI data, stating that the market is 'too sanguine' about inflation risks. He highlights that U.S. economic growth is highly concentrated among high-income consumers and AI infrastructure, making it fragile. He also points to continued risks from tariffs and global supply shocks.