Investors are bracing for a year of rising interest rates as the U.S. Federal Reserve attempts to tame inflation. How and Whom Inflation HurtsBroadly, rising inflation hurts investors in two ways, Wharton finance professor Itamar Drechsler explained during the panel discussion. Commodities are seen as an inflation haven and outperform other asset classes when inflation is high, although their strong performance is largely driven by energy and food inflation. If that happens, [high] inflation would last for a long time. “It’s a really important part of the consciousness that we have now — that high inflation comes with bad news,” said Gomes.