In Tuesday morning’s edition of The Macro Show, Hedgeye CEO Keith McCullough answers a subscriber question regarding “transitory” inflation.

“For now, this is not transitory, this is TRENDing. Yes, inflation will decelerate from its cycle peak; but decelerating to a higher point than any modern-day central banker in America has had to deal with? That’s a big problem for Powell,” explains McCullough, as he walks through his CPI Nowcast Model.

“They can keep saying it’s transitory, but the numbers are trending, and they’re sticking. The agenda, politically, will be interesting to watch.”

McCullough: Inflation is TRENDING, not TRANSITORY - hedgeye risk manager