Today's CPI data: what you need to know

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1 Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, February 13, 2019 Today's CPI data: what you need to know 12-mo YOY 3-mo ann 1-mo ann 12 / 3/ 1-mo 12-mo YOY history All items +1.55% -0.2% -0.2% Core +2.15% +2.6% +2.9% OER +3.2% +3.2% +3.3% All less OER +1.2% -0.4% -0.8% Core less OER +1.6% +2.3% +2.7% Energy -4.9% -29.4% -31.9% All less energy +2.1% +2.7% +2.9% Food +1.6% +3.0% +2.5% All less food +1.5% -0.7% -0.7% Health care +1.9% +3.4% +2.7% All less health care +1.5% -0.5% -0.5% Source: BLS Consumer Price Index, TrendMacro calculations For more information contact us: Donald Luskin: don@trendmacro.com Thomas Demas: tdemas@trendmacro.com Copyright 2019 Trend Macrolytics LLC. All rights reserved. This document is not to be forwarded to individuals or organizations not authorized by Trend Macrolytics LLC to receive it. For information purposes only; not to be deemed to be recommendations for buying or selling specific securities or to constitute personalized investment advice. Derived from sources deemed to be reliable, but no warranty is made as to accuracy.

2 The deflation delusion: it's all about oil, and always has been Cumulative growth of CPI from July 2008, the all-time high oil price 25% 15% CPI ex-energy CAGR +1.77% 5% CAGR +1.36% -5% CPI -15% CAGR -2.53% -25% Energy -35% Jul 08 Jul 09 Jul 10 Jul 11 Jul 12 Jul 13 Jul 14 Jul 15 Jul 16 Jul 17 Jul 18 Source: Bloomberg, TrendMacro calclations 2

3 World round-up: CPI year-on-year Belize -0.1% Taiwan -0.1% Kyrgyzstan -0.3% Maldives -0.9% Bosnia Herzegovina -2.9% Egypt 12.7% Angola 18.2% Turkey 20.4% Nigeria 11.4% Ghana 9.4% Ukraine 9.2% Mongolia 8.2% Zambia 7.9% Uruguay 7.4% Pakistan 7.2% Tunisia 7.1% Belarus 5.8% Myanmar 5.4% Bangladesh 5.4% Namibia 5.2% Kazakhstan 5.2% Russia 5.0% Fiji 4.9% Kenya 4.7% South Africa 4.5% Mexico 4.4% Philippines 4.4% Guatemala 4.1% Honduras 4.0% Lebanon 4.0% Algeria 4.0% Nicaragua 3.9% Brazil 3.8% Bahamas 3.7% Jordan 3.7% Sri Lanka 3.7% Nepal 3.7% Botswana 3.5% Iceland 3.4% Romania 3.3% World 3.2% Colombia 3.2% Macau 3.1% Norway 3.1% Latvia 3.0% Indonesia 2.8% Uganda 2.7% Hungary 2.7% Estonia 2.7% Bulgaria 2.7% Cambodia 2.6% Hong Kong 2.5% Paraguay 2.4% Jamaica 2.4% Azerbaijan 2.3% Saudi Arabia 2.2% India 2.2% Georgia 2.2% Peru 2.1% U.K. 2.1% Bahrain 2.0% Sweden 2.0% Serbia 2.0% Netherlands 2.0% Czech Repub. 2.0% Belgium 2.0% Canada 2.0% Timor-Leste 1.9% New Zealand 1.9% China 1.9% Slovak Repub. 1.9% Luxembourg 1.9% Lithuania 1.9% Austria 1.9% Chile 1.8% Australia 1.8% Costa Rica 1.7% U.S. 1.6% Bolivia 1.4% Germany 1.4% Euro Region 1.4% Senegal 1.3% Denmark 1.3% Dominican Rep. 1.2% Abu Dhabi 1.2% Malta 1.2% France 1.2% Trinidad & Tobago 1.1% Bermuda 1.1% Slovenia 1.1% Poland 1.1% Spain 1.0% Moldova 0.9% Italy 0.9% Barbados 0.8% Oman 0.8% Israel 0.8% Tajikistan 0.8% S. Korea 0.8% Croatia 0.8% Ireland 0.7% Puerto Rico 0.6% Switzerland 0.6% Greece 0.6% Armenia 0.6% Ecuador 0.5% Singapore 0.5% Kuwait 0.4% Portugal 0.4% El Salvador 0.3% U.A.E. 0.3% Thailand 0.3% Japan 0.3% Panama 0.2% Malaysia 0.2% Argentina 45.5% Venezuela 180.9% Zimbabwe Iran 37.4% -10% -5% 0% 5% 10% 15% 20% 25% 75% 125% 175% Source: Bloomberg, TrendMacro calclations 3

4 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 11 years 12 years 13 years 14 years 15 years 16 years 17 years 18 years 19 years 20 years 21 years 22 years 23 years 24 years 25 years 26 years 27 years 28 years 29 years 30 years Implied 5-year inflation, 5 years forward TIPS Swaps U. Michigan Survey 3% 2% 1% Source: Bloomberg, TrendMacro calculations Swap-implied inflation yield curve, per annum 2.4% 2.3% 2.2% 2.1% 2.0% 1.9% 2/1/2019 1/1/2019 2/1/ % 1.7% Source: Cleveland Fed, TrendMacro calculations 4

5 -29.4% -31.9% Transportation -1.5% -14.2% -14.6% Commodities -0.4% -5.0% -3.7% Energy -4.9% -0.2% -0.2% -1.1% -0.7% -0.7% -1.9% -2.0% -0.5% -0.5% -0.4% -0.8% All items 1.6% Food 1.6% 3.0% 2.5% Housing 2.9% 3.3% 2.4% Apparel 0.1% 2.1% 13.9% Medical care 1.9% 3.4% 2.7% Recreation 1.4% 4.6% 3.5% Ed and comm 0.3% 1.8% Other 1.9% 1.8% 2.4% Services 2.7% 2.8% 2.0% All less food 1.5% All less shelter 0.7% All less medical 1.5% All less energy 2.1% 2.7% 2.9% Core 2.2% 2.6% 2.9% OER 3.2% 3.2% 3.3% CPI less OER 1.2% Core less OER 1.6% 2.3% 2.7% US CPI inflation by sector (SAAR) 12-month 3-month 1-month Source: BLS Consumer Price Index, TrendMacro calculations US CPI Core Level 20-year trend Recession Source: BLS Consumer Price Index, TrendMacro calculations 5

6 YOY CPI inflation Housing leads US CPI Year-over-year change Case Shiller 20-city avg Owner's equivalent rent CPI component, 18-mo lag 20% 5% 15% 10% 4% 5% 3% 0% -5% 2% -10% -15% 1% -20% Source: BLS, Standard & Poor's Case Shiller, TrendMacro calculations -1% The world is flat: the vanishing Phillips Curve Latest Linear trend: Pre-74 Post-74 All +16% +14% +12% +10% +8% +6% R² = % R² = % 0-2% R² = % +2% +3% +4% +5% +6% +7% +8% +9% +10% +11% Unemployment rate Source: BLS Consumer Price Index, Current Population Survey 6

7 +0.6% US +1.6% +2.2% Europe +1.4% +1.1% Germany +1.7% +1.4% France +1.4% Italy +0.9% +0.5% Spain +1.0% +1.1% Greece +0.4% +0.5% Portugal +0.5% +0.5% Ireland +0.8% +0.5% Japan +0.3% +0.1% UK +2.1% +1.8% Australia +1.8% +1.7% Canada +2.0% +2.3% China +1.9% India +5.2% Russia +5.0% Brazil +6.7% Major economies CPI, year on year Headline Ex-food and energy Source: Respective Statistical agencies, TrendMacro calculations PPI data: what you need to know 12-mo YOY 3-mo ann 1-mo ann 12 / 3/ 1-mo 13-mo YOY history Final demand +2.0% -0.3% -1.0% Core +2.6% +2.4% +3.1% Intermediate processed +0.8% -11.1% -15.5% Core +2.6% -4.6% -3.5% Intermediate unprocessed -3.1% -13.6% -67.3% Core -2.4% +9.7% -19.5% Source: BLS Producer Price Index, TrendMacro calculations 7

8 -37.5% -21.2% -11.3% -9.8% -9.4% -6.0% -0.7% -2.0% -0.3% -1.0% -0.2% -0.2% 0.3% 0.7% 0.8% 2.3% 2.0% 1.6% -0.3% -1.0% -6.1% -9.0% -19.0% Energy goods -7.8% -41.7% -36.9% -11.1% -15.5% -8.3% -7.4% Energy goods -5.4% -44.0% -55.3% Unprocessed goods -3.1% -13.6% -67.3% Foods -1.4% Energy -4.2% -36.6% -92.0% -4.6% -3.5% Core interm unprocessed -2.4% -19.5% Final Demand 2.0% Goods 0.4% Foods goods 1.4% 8.5% Capital goods 2.9% 2.7% 4.7% Services 2.7% 2.1% 3.1% Transportation 7.0% 6.3% 5.9% Intermediate processed goods 0.8% Manufacturing goods 1.7% Construction goods 4.6% 1.3% 7.5% Foods goods 0.3% 1.3% 1.3% Interm services 2.9% 2.0% 3.0% Transportation 4.0% 2.5% 1.9% 15.1% 6.9% Core final 2.6% 2.4% 3.1% Core interm processed 2.6% 9.7% PPI inflation by sector (SAAR) 12-mo 3-mo 1-mo Source: BLS Producer Price Index, TrendMacro calculations The inflation pipeline (SAAR) 12-mo 3-mo 1-mo Stage 1 Stage 2 Stage 3 Stage 4 Finished Consumer Source: BLS Producer Price Index and Consumer Price Index, TrendMacro calculations 8

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