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Editor's Note: Below is a brief excerpt from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake. Click here to learn more about the Early Look.

Hedgeye Basics: Kindergarten Macro - CoD Kindergarten Macro

The Chart of the Day below is from our 3Q17 Macro themes call.  It’s titled “Kindergarten Macro” and you can take the 5 seconds to review it.  But with the Fed reducing its inflation forecast and commensurately increasing its growth forecast by the same amount that effectively represents what the Fed actually did …. on a 6-month lag.