How Long Is This Going to Take?

“Waiting is painful. Forgetting is painful. But not knowing which to do is the worse kind of suffering.” — Paulo Coelho

Chart of the Day

Good morning!

Below is a picture of me and countless other investors, strategists, and economists waiting for tariffs to show up in inflation. We're perishing because it’s taking too long.

Month-over-month readings for the consumer-price index have come in below expectations for the past five straight months. Y...

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