CRB Inflation tracker

Inflation Y/Y almost seems to track the CRB index to the point of disbelief, especially in terms of putting in highs and lows. And CRB looks to have made a decent X wave pullback to golden fib which marks decent tops. Consequently, it does seem like inflation has topped and the economy can fall into deflation. Also, May prices have fallen further and hence should likely give neutral CPI solidifying the belief that Fed will pause rates in the coming FOMC. If that's the case, then there is a real possibility of an extended rally and maybe even new ATHs.

RIP stagflation narrative.