....It’s no surprise then that a market-implied inflation expectation measure, the US 5-year 5-year forward breakeven inflation rate, has again surged to its highest level in over a year at 2.53%, and isn’t far off its mid-2022 peak of 2.57%. More short term, US inflation is going to rise again y-o-y on a headline basis as soon as this Thursday, where CPI is already seen up from 3.0% to 3.3% with only a 0.2% m-o-m print; the base effects then get even less helpful even before higher energy and food prices hit again.....
We consider Rabobank the go-to among the big banks for agricultural analysis but Every on macro is damn interesting.
ZeroHedge has the rest of the note, it is very wide-ranging. As we pointed out before he got sick:
Rabo gives Mr Every a lot of leeway in what he looks at and in what he writes. A lot.
