UPDATE Headline Retail Sales Bombs in Jan

Headline retails sales bombed out this morning down -0.3% vs an expected +0.3% and a previously reported +0.4% reading in Jan. The US Consumer Price Index reading came in hot this morning as we've seen prices accelerate since late last year and into Jan. It's our contention that these readings in headline inflation are set to cool off in coming months. The CRB Index has stumbled since late January with Oil prices off by -14% since its recent peak of 66.66 on the March basis.

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