The word of the day is obviously “deflation.”The dollar is rallying, markets are tanking, and crude oil has fallen below $70.
This is obviously great vindication for the likes of Gluskin-Sheff’s David Rosenberg, who has been a deflationista from the beginning.
In today’s note, he offers 11 points of evidence that that deflation is the primary trend.
The April U.S. retail sales report hinted at deflation in groceries, electronics, apparel and sporting goods
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