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Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.

Cost of living inflating? Very obviously, in Commodities that trade/settle in US Dollars:

  1. CRB Commodities Index inflated another +0.7% last week taking it to +10.7% over the 3-months that USD is down -2.8%
  2. Oil (WTI) was -0.3% last week taking its inflation to +22.4% in the last 3-months for Fed Dollar Devaluation
  3. Copper ramped another +5.4% last week taking its 3-month inflation to +26.9%, confirming its Bullish TREND breakout

It’s not just the TRENDING (3 months or more) Phase Transitions that are becoming more obvious as a longstanding Bull Market in the US Dollar ended. 

CHART OF THE DAY: Stagflation Is A Trending Reality  - Chart of the Day