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Mixed (Inflation) Signals
A late February report we penned began by stating that "mixed signals" were a cornerstone of the current cycle. The focus of the rest of that report was the valuation and earnings backdrop for the stock market. This time, we'll use that same set of words to describe the recent slew of inflation and consumer data, which has—you guessed it—continued to send mixed signals regarding the trajectory of the economy and monetary policy. The overarching theme as it relates to inflation is that disinflation at the macro/headline level remains intact. The consumer price index (CPI) eased favorably in March, from 6% ... (full story)