May'23 FOMC & CPI Update
Final curtain call for an absurd show.
We have just had the latest CPI print today and the FOMC meeting last week. This is a good opportunity to revisit my leading macro thesis, which is that a) inflation has become a non-issue, b) monetary policy will incorporate this reality soon and c) this will support asset prices this year for a resumption of the bull market.
Before we dive in: I was re…