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

"... From my perspective, here are the big macro mistakes I am not willing to make:

  1. Believe that 0% rates = 0% risk
  2. Believe that #Deflation Risk is “transitory”
  3. Believe that US #GrowthSlowing isn’t as big a risk as #Deflation

The most basic reason why I don’t believe these things is because neither the economic data nor real-time market prices do."

CHART OF THE DAY | Don't Make This Big Macro Mistake: 0% Rates = 0% Risk - 01.21.15 EL chart