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This morning’s US Consumer Price Index inflation report came in higher than already heightened expectations at +1.1% month over month. This takes the year over year expansion of reported CPI prices to +5%.

Since his predictive models have proven to have little to any short term value, it is critical to understand that Ben Bernanke will be hostage to reported data throughout the coming months. He will blow with the political winds associated with that data.

Stagflation is here.
KM