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

For now, I still have one clear investable conclusion: US Dollar Devaluation = #InflationAccelerating.

I’m assuming that most of you get that markets aren’t the economy at this point (especially if you look at the no-to-low-income people in the economy who can afford inflation in their cost of living accelerating from here the least).

For we, The Super Cool & Elite People, we only get richer if we Short Dollars and buy anything that’s inflating.

A simple narrative that is backed by numbers = US Dollar Devaluation by both the Fed & Fiscal Folks – after the textbook bounce off the low-end of its Risk Range earlier this week, USD resumes its decline, down -0.2% and -0.5% vs. Euros and Pounds, respectively. Bitcoin loves that, signaling higher-highs, as USD signals lower-cycle-lows.

CHART OF THE DAY: More MMT Will Lead To Further US Dollar Devaluation - 88