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Below are some of the most interesting articles, quotes and charts I came across this week. Click here to subscribe to our free weekly newsletter and get this post delivered to your inbox each Saturday morning.

Stocks celebrated the positive surprise on inflation this week but the festivities may be a bit premature.

In the short run, measures of inflation breadth like median CPI suggest the Fed’s battle is far from won. Longer-term factors like fiscal policy also remain a concern.

These facts haven’t stopped the stock market, however, from fully pricing in an “immaculate disinflation.”

Hedge funds have now gone all in on the “soft landing” narrative.

Meanwhile, the inside of the stock market is now sending a clear message that directly contradicts that narrative.

Thanks for reading and have a great weekend!