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And now to today's episode.

The signals are telling me that it is time to challenge the view that inflation is slowing

in the US.

This week's data out of the Bureau of Labor Statistics started doubting whether the

inflation is coming down as most people had expected throughout the early parts of 2023.

Steno signals starts right now.

Hi guys and welcome back to Steno signals.

It's been a tremendous week in global macro and we have a lot of contradicting trends when

it comes to price pressures globally.

The first version of Steno signals touched upon the disinflation that was quite clear

at the time in the US economy.

Prices were slowing.

We had evidence from the inflation reports throughout June 4 of slowing inflation.

But this week's data was sort of a game changer for that view.

At least if we look on the surface.

So let's try and digest the most recent data on prices in the US and whether it is time

to also the view that inflation is coming down towards target in the US.

...