Below is an excerpt from a note Hedgeye CEO Keith McCullough sent to subscribers earlier this morning:
"... After suggesting #Deflation wasn’t a risk and European growth was 'encouraging,' our man Mario (ECB President Mario Draghi) pivots to 'downside risks are now clearly visible … and inflation dynamics have weakened,'" Hedgeye CEO Keith McCullough wrote earlier today. "Finally, some #truth – don’t forget that Down Euro = #Deflation via Strong USD."