The growth data continues to be constructive, and inflation continues to flatline.  Here are my takeaways from the past week: CPI was tame. Very tame.  We downticked to 1.7% yoy in core CPI.  To put another spin on that, the top three major subcategories that are above 1.7% yoy are: (1) Medical care commodities +3.9% yoy, (2) Shelter + 2.9% yoy and (3) Medical care services +2.5% yoy.  Those make up 52% of core CPI.  I had previous written why I thought these were less relevant items.  So there continues to be no inflation. Yellen was her usual dovish-leaning self….

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