Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
You’d have to be completely Macro Unaware to not see #InflationAccelerating at this point.
Especially with CNN and Fox storm coverage, it will be really easy for those seeking narratives to understand the pending #Quad2 inflation numbers.
The Bond Market, as usual, gets it:
A) UST 10yr Yield was up another +4 basis points to a new Cycle High of 1.21% last week
Within the context of the @Hedgeye TREND (i.e. 3-months or more) that means the Yield Curve has STEEPENED +39 basis points in the last 3-months alone with High Yield Spread collapsing -112 basis points.
Again, you’d have to be willfully blind and/or marketing a Long Only Gold fund to not see #InflationAccelerating now.