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As Bitcoin, Stock Investors Cheer US Inflation Slowdown, One Macro Expert Calls for Caution

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“Those who find a lower inflation print a good opportunity to buy risk assets should look away now,” Andreas Steno Larsen, founder and CEO of Steno Research, noted in the inflation review published Tuesday. “Remember that the PPI (and the CPI, for that matter) is a leading indicator for EPS … And if we allow the oil future to predict PPI, then we are in for negative EPS growth already during Q2/Q3-2023,” he wrote, referring to the producer price index.

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