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

CHART OF THE DAY: U.S. Inflation Forecasts - z89

Setting aside that we still think year-over-year SP500 Earnings growth will be negative year-over-year in both Q2 and Q3, where this gets tricky is in our Q3 outlook for INFLATION. 

If headline INFLATION were to slow further from where we’re now-casting it for Q3, that would drive the US economy back into Quad 4 from Quad 3. If that happened, that’s really not good. 

CHART OF THE DAY: U.S. Inflation Forecasts - Chart of the Day