Inflation Update

In last night’s post we featured December import and export prices and the Producer Price Index — each missing expectations — and reiterated our stance that it’s simply a matter of time.



This morning’s release of the December Consumer Price Index — with core month-over-month and year-over-year readings at the very high-end of expectations — better reflects current conditions, in our view:


Bonds, utilities and REITS are all trading lower on the news…
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