The "big news" in December CPI is 59% of components are now in deflation, a leap of 800bp in a single month (50-yr avg 50%). Reason to view this as repeatable low CPIs = easing FCI = falling VIX = rising stocks.

The big news in December CPI is 59% of components are now in deflation, a leap of 800bp in a single month (50-yr avg 50%).  Reason to view this as repeatable low CPIs = easing FCI = falling VIX = rising stocks.

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