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Editor's Note: Below is a chart and excerpt from today's Morning Newsletter written by Hedgeye CEO Keith McCullough. Click here to learn more and subscribe.

CHART OF THE DAY: U.S. Monetary Policy Model - 06.26.15 chart2

In reality, what we have learned in the last 5-10 years (after almost 600 “rate cuts” globally) is that:

  • A)  When real-growth misses the perpetually optimistic government “forecast”,
  • B)  Central planners ease (cut rates) and devalue their currencies… then that “policy action”
  • C)  Reflates asset prices (cost of living in local currency terms) and slows real-purchasing power (spending)