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Below I have attached a note that doesn’t come to you this morning with a smile from Washington, DC. I’d like to thank one of our rising star healthcare analysts, Christian Drake, for the V-spotting picture of Hospital Services inflation.

Healthcare inflation, of course, isn’t weighted in the CPI in a way that would make a difference to Ben Bernanke’s conflicted and compromised view of “reported” core inflation. Things like “owners equivalent” rent depress the reported inflation numbers at the same time as local government’s inflate your property taxes. How do you like them apples?

Virtually every inflation chart we look at currently emphasizes our Q2 call for Inflation’s V-Bottom.

KM

Keith R. McCullough
Chief Executive Officer

V-spotting - obama