The U.S. Federal Reserve has noted “there could be increases in the prices of some goods whose production has been subject to supply chain constraints, or soon could be” in the latest FOMC minutes. Corporations in most industries tracked by Panjiva have already flagged higher shipping and commodity costs as a drag to earnings in Q4’20 and into Q1’21. U.S. import price inflation is picking up, with inflation excluding food and fuels reaching 2.6% year over year in January. That’s included a 3.3% rise in chemicals and a 16.8% surge in base metals. The latter are also still elevated by sect...