Market Pulse By STEPHEN LEEB • July 29, 2022 •  These days even the most stalwart investors likely are feeling somewhat seasick as market volatility continues. This volatility is a consequence of a market desperately seeking new guidelines for new times.For the first time ever, the Fed has had to confront inflation in the context of a world in which the long-term availability of food and energy is a question mark. In recent testimony before Congress, Fed Chair Powell said the Fed lacks the tools to deal with rising food and energy prices. That’s not strictly accurate, since with enough tightening, food and energy prices might decline. But Powell apparently recognizes the new reality that policies to keep commodities in check, while feasible in the recent past, would wreak devastation today. Getting to the longtime holy grail of two percent inflation would require measures that would inflict intolerable hardships, including major job losses. Longer term it would disincentivize creating a sustainable world. We don’t have all the answers. But we strongly suggest riding out the volatility with a focus on investments in commodities and in companies that can help solve today’s existential problems.