Emerging leadership of Tech + China supports better 2H outlook... more signs forward inflation cooling

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May CPI obvious focus but "half full" gaining incrementally

As many of our clients have remarked recently, every economic data point is really an inflation report. Repeating the obvious logic: trajectory of inflation impacts Fed rate path. Thus, every report is an inflation report.

But as we have discussed previously, there are many emerging signs that economic activity/inflation is potentially slowing faster than expe...

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