Below is a chart and excerpt from today's Early Look written by Hedgeye Director of Research Daryl Jones. 

In the Chart of the Day below, we highlight the CRB Index going back two years.

The key takeaway is that there will be relatively easy comps for the CRB Index into Q4 of 2022. Eventually the comps will ease, absent a super spike in commodities, and CPI will likely decline faster than the market and linear economists expect. That will come, as it usually does, after the Fed has overstayed its welcome on the hawkish policy path.

CHART OF THE DAY: The Commodity Side Of Inflation Has Easy Comps - z inflation