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After approximately a year of slowing inflation, the data is signaling a reversal of that trend in 4Q 2019.

How much inflation will accelerate remains to be seen. But a dovish Federal Reserve and all-time highs in U.S. employment point to a possible stagflationary period ahead.

As Hedgeye CEO Keith McCullough explains in the clip above from a recent edition of The Macro Show, no matter how much inflation accelerates in 4Q, it might be smart to start exposing your portfolio to inflation-sensitive sectors.

“We’re adopting a late-cycle stagflationary outlook,” McCullough explains.

“I would be much more apt to buy something like cattle, or the ETF (COW), which has pigs in it as well, over something like a consumer staple company that has no pricing power and is going to see some margin degradation.”

Watch the full clip above for more.

McCullough: Prepare Your Portfolio For Inflation? - the macro show