While the first quarter’s CPI prints this year were above expectations, one needs to ‘look under the hood’ to have a better view on inflation (where it was and where it is going). We have written over the past year that inflation was on a downward trajectory and have been correct. The head fake that occurred during the first quarter with ‘apparently’ high inflation may likely be the nail in the coffin for the economy. We suggest this because most market participants, financial new...
