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.
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.