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We’ve had plenty of mail on Q2 Macro Theme call, Inflation’s V-Bottom.  Some are convinced that Bernanke’s inflation calculations are right and that we should take the US government’s word for it when it comes to its inflation forecast. We are thankful that some people invest with that blind faith. Every liquid and transparent market needs the other side of a trade!

On Main Street, whether it be via a nasty consumer confidence reading this morning (ABC Washington Post weekly survey came in at minus 50 versus minus 47 last week) or via that nasty price consumers are paying at the pump, its all one and the same thing when measured by our proprietary Hedgeye Inflation Index – its inflationary.

Below we have attached the go forward expectations of inflation as measured by Treasury Inflation Protection (TIP). Wouldn’t you know, this chart looks suspiciously like a V-Bottom too…

Cheers,

KM

Keith R. McCullough
Chief Executive Officer

Charting Inflation's V-Bottom - TIP