Stagflation Case Strengthens

December retail sales disappointed, slumping 1.9% MoM and capping off a week of economic data which provided growing evidence of stagflation. The data were before nominal, meaning inflation-adjusted data were even worse. This is hardly surprising given that ever greater portions of Americans’ incomes are being consumed by rapidly rising prices.

Futures, which were already off sharply, legged down further on the news.

Our equity targets remain unchanged.

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