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While inflation data bounced slightly in August, Hedgeye CEO Keith McCullough warns: “Don’t be a macro tourist” and expect it to trend that way.

“It’s mathematically impossible for inflation to be up in Q1 of 2018,” McCullough said on Hedgeye’s The Macro Show. “It’s not the trend. That’s called oil going up for a month. It doesn’t matter what it goes to – 2.0%, 2.1%. The trend is what I want to get right.”

McCullough says to trade around “sequential head-fakes,” and emphasizes that it’s important to remember not to get whipped around by every data point.

“When you report inflation, you’re reporting it against the prior year’s score,” McCullough explains. So don’t make any bets on inflation climbing as high as it did in 2017 any time soon. Watch the video clip above for more.