Is the inflation trade back? Maybe. Take a look at many commodity markets and they are trending higher, including the “softs” (coffee, cocoa, sugar and lumber) and metals. Cattle futures are also trending up. Importantly, crude oil will have to lead for the raw commodity sector to see sustained price uptrends in individual markets. The very easy money policies of the world’s major central banks certainly puts the inflation trade back in play–if not now, then in the not-too-distant future. Stay tuned!– Jim