The above chart is from the Financial Times article Authers’ Note: Hunting for yields is getting easier.

John Authers also notes the "Dividend Aristocrats" of the S&P 500 — the stocks with the highest and most reliable dividend yields — are finding that they now have competition from 2-year Treasury bonds.

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Authers makes a number of interesting points.

  1. The Beige Book features far more references to inflation than it did when inflation was last persistently above the Fed's target.
  2. The intensity of references to inflation on the Google search engine is moving up.
  3. Net share buybacks have been negligible. It looks like the bulk of last quarter’s repurchases went on stock options.

It's increasingly easy to stick with my prognosis: Inflation is in the Rear-View Mirror.

The Nearly Unanimous Opinion: Inflation Has Arrived, reinforced today, adds to my conviction.

Mike "Mish" Shedlcok

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