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The Jump In US Inflation Is Transitory And Consistent With Our Recovery Story

Watching the jump in April consumer prices at first blush was unnerving. Headline CPI topped 4.2% year-over-year (a 13-year high) and core CPI reached 3.0% year-over-year (a twenty-five-year high). In contrast to much of the market commentary, we were not surprised. Indeed, we expected to see a spike in inflation as the U.S. economy climbs the acceleration ramp onto the superhighway, as GDP jumped 6.4% in the first quarter and we expect a surge of 11.3% in the second quarter fueled by a, faster vaccination rollout and reopening schedule on top of sizable savings and pent-up demand.


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