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Takeaway: The Great American Economic Muddle continues...

The big rip in oil prices all but ensures a big U.S. #ConsumerTax hike this summer. At $106.90/barrel this morning, WTI Crude is up +9% for the year-to-date now. This very much augments our U.S. #ConsumerSlowing Macro Theme.

Meanwhile, CRB Commodities Index (19 commodities) are up +1.6% for the week and +10.3% year-to-date.

In other words, it’s almost mathematically impossible to get to Consensus Macro GDP estimates for Q314 if the Deflator reflects #InflationAccelerating.

It’s Almost Mathematically Impossible to Get to Consensus Macro GDP Estimates. - drake22