This chart from today's Early Look by Josh Steiner shows easing base effects for March through July, creating upside pressure/risk to inflation.

After two months of benign conditions in August and September, base effects ease sharply through January 2025.

CHART OF THE DAY: Framing the Inflation Outlook – A Three-Part Series - Picture1

Keith McCullough will give a full update of our economic outlook in today's 1Q Mid-Quarter Macro Themes update at 11:00 am ET. This presentation is available exclusively to our Institutional and “Macro Pro” subscribers. If you’re interested in learning more and upgrading to “Macro Pro” CLICK HERE.

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CHART OF THE DAY: Framing the Inflation Outlook – A Three-Part Series - YtDIuv7J

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