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

Instead of opining on what inflation should do, we Bayesian boys measure and map what inflation is doing. Even if you look at break-evens, the 5yr 5-year Forward Break-even rate was down on the week to 2.21%.

The other not surprising takeaway from the bond market was the new Bearish @Hedgeye TREND break-down in both Junk (JNK) and High Yield. High Yield saw its yield jump another +5 basis points last week to +6.17% (that’s up +28 basis points in a month).

*note: Junky High Yield is not where you want your portfolio to be levered in Quad 4 either

CHART OF THE DAY: What Mr. Market Says About Inflation - 10.22.18 EL Chart

CHART OF THE DAY: What Mr. Market Says About Inflation - early look