David Rosenberg writes in today’s Breakfast With Dave note:
The spike in food and gas prices casts a cloud over the back-to-school shopping season – a big drain on cyclical spending right into the grocery bill and gas tank. The last time we had food and gas prices going up was like this was back in the first quarter of 2011 and it produced a zero per cent GDP growth and a subsequent end to the post-QE2 rally.
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