It's CPI day. No matter what today’s CPI report says, we will be buying the damn dips in #Quad2 (and #Quad3) INFLATION.
Looking at Bloomberg Consensus for CPI (see Chart of The Day) vs. Hedgeye’s Nowcasts:
A) They’re already admitting their Q2 of 2024 “forecast” for 3.00% headline CPI is dead wrong
B) Their Q3 of 2024 “forecast” has CPI magically collapsing to 2.8% (from 3.5-3.7% on today’s print)?
C) Their Q4 of 2024 “forecast” has CPI FALLING AGAIN towards 2.70%!
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