Q1 2023 4 5 Dispatches Contributors Letter From the Editor Letter From the Board 6 8 Timeless Lessons Phillips Curve Variations on a Theme Ivory Towers 10 When Inflation Surfaced, TIPS Flopped Policy 13 14 16 17 21 24 Global Approaches to Retirement Savings Sustainability Matters New ESG Rule for Retirement Plans Global Briefs Global Americas Greater Europe Australia & New Zealand Spotlight 27 Investors Love Themes, but They're Not Always a Breeze Thematic funds carry unique risks that investors need to manage. 1