In May 2020, Paul Tudor Jones, an investor with a long track record of success, accurately predicted our current predicament and recommended [1] the following trades as good inflation hedges:

  - Gold  
  - The Yield Curve (long US2Y, short US10Y)
  - NASDAQ 100  
  - Bitcoin  
  - US cyclicals (long)/US defensive (short)  
  - AUDJPY  
  - TIPS (Treasury Inflation-Protected Securities)  
  - GSCI (Goldman Sachs Commodity Index)  
  - JPM Emerging Market Currency Index  

One caveat is that some of these bets are not easily accessible to retail traders.

Another is that TIPS are disputed as a good inflation hedge. One reason for this is that they are indexed to the CPI, which, some argue, significantly understates real inflation.

With inflation already raging, the upside on these bets might not be great if placed in March 2022. Of course, if you expect high inflation to be persistent, these may still be viable.

[1] https://www.docdroid.net/H1fuimX/the-great-monetary-inflatio...