Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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That’s why we call it our GIP Model where GIP stands for GROWTH, INFLATION, and POLICY. Front-running Fed heads yapping about whether or not inflation is “transitory” was easy. Precisely ZERO Fed Econs called for this when we did. Our call for US #InflationAccelerating was in June of 2020, don’t forget. Yep. Almost 1 full year into the Inflation Cycle, everyone on ye Olde Wall who didn’t forecast inflation is an expert on where inflation goes from here. Thanks for coming out. This morning those Macro Tourists are all “focused on the PCE report”… Oh goodie… and what will these soothsayers see? They’re obviously going to see what’s been accelerating from the Cycle Lows of Deflation (Q2 of 2020), but more obviously since #Quad2 became more readily apparent in NOV of 2020. |
