FOMC aside, maybe the real news comes next week

There will be inflation headlines next week

The Fed’s ‘decision’ (ha ha ha) is in the bag. They are finally going to do what this chart has been demanding they do.

But what about this graph? Credit spreads are rising again and that is not good. Not good at all.

One wonders at what point the inflation comps may start to fade, YoY. One wonders what will happen if the markets issue a collective ‘ruh roh!’ with respect to heretofore deafening alarms about inflation. In other words, if the comps start to ease there could be a massive celebration. There could also be fear of deflation, which could be blamed on the Fed withdrawing accommodation after mainlining accommodation into the system.

Anyway, it’s sure to be an interesting macro as we head into summer. Meanwhile, maybe next week will have more meaning than this week, given the all incoming inflation data.


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