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There was an unnoticed yet absolutely critical detail in the June CPI report that pointed to a lot more than just benign disinflation, a development that has only rarely been observed in decades of history. More disturbing still, the context behind this one is consistent with those few past instances including a few new pieces of subsequent information. Eurodollar University's Money & Macro Analysis FOMC Transcript April 2010 https://www.federalreserve.gov/monetarypolicy/files/FOMC20100428meeting.pdf https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU |