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Editor's Note: The chart and excerpt below are from today's Early Look written by Hedgeye CEO Keith McCullough. For more info on how you can subscribe click here.

CHART OF THE DAY: In Case You’re Keeping Score On The “Inflation is Back” Trade... - ZZ 07.20.15 chart

In case you’re keeping score on the “inflation is back” trade, it’s not:

  1. US 5-year Forward Break-Evens dropped another 7 basis points last week to 1.56% (-18bps in the last month)
  2. Lumber and Paladium prices got pounded for -5.1% and -4.8% weekly losses (-8% and -14% respectively mth/mth)
  3. Energy (XLE) and Basic Materials (XLB) stocks were -1.4% and -0.1%, respectively, in an up US Equity tape