Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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You know if “inflation” was “transitory” and “going away” that bond yields (on the long-end of the curve) would break down through @Hedgeye TREND support and Gold and Utes would rip to all-time highs, right? What about this big “miss”? A) After Old Wall completely missed making the “call” for US CPI to #accelerate from +0.36% in Q2 of 2020 to +4.2% So, the big “miss” tomorrow would be missing a number that is ridiculous in both context and cadence. Less than 2 months ago, Old Wall’s prior “expectation” for headline CPI wasn’t even above 3%, don’t forget! That brings us back to what’s had us nailing US #InflationAccelerating since JUN of 2020. If it’s a “miss” (like the last 2 jobs reports were”, what happens in JUN if/when both INFLATION and JOBS “beat” after “missing?” Ah, you like that, eh? A little bit of thinking inspired by your knucklehead hockey playing Canadian Irish friend… |
