Some interesting comments from BarCap (Barclays):

• Bonds : Not favorable - Rates are likely to rise in most Global economies. The increase is likely to be most pronounced in Asia, with US yields also continuing to adjust higher.
• Commodities : Modest exposure to US NatGas & to "The Precious Metal for the Super Rich" (Platinum) - Tepid monetary response to rising inflationary pressures suggests that there is little reason to anticipate a severe demand slowdown over the next few months. Don't believe commodities are yet in a speculative bubble and continue to advise exposure.
• EMs : Reduce exposure - Expect a revision of market sentiment towards Asia X Japan, reflecting the mounting problems with inflation. Crisis conditions may
  not be confined to Vietnam.

In short, we may see stiff headwinds for our EM/ Global Growth themes as inflationary expectations rise .... Anil