Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
What’s really going on in Global Macro this morning? Both Inflation and Earnings continue to accelerate:
A) ISM Prices Paid ramped to 82.1 in JAN vs. 77.6 in DEC = new Cycle High
To put that in context, using the lows of The Cycle (which are now the #Quad2 base effects, or comparisons):
A) ISM Prices Paid bottomed at 35.3 in APRIL Of 2020 (i.e. during #Quad4)