Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.

What’s perverse about the Old Wall begging for their Fed to stop raising rates is that it’s driving Inflation’s Re-Acceleration higher. Oil (WTI) inflated +7.7% last week alone to +22.6% in the last 3 months.

So I see their Late Cycle Labor Talking Points (“Fed, please stop!”), and I raise YOUR prices at the pump!

Oh, you don’t think Wall Street and/or Fed Policy Expectations had anything to do with the real-world inflation re-accelerating? How else do I get paid Long Oil, Gasoline (UGA), Energy Stocks, etc.?

CHART OF THE DAY: Old Wall Begs Fed to Pump Brakes on Hikes - Tuesday