Macro Update - November 7, 2017

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Includes: BIL, DFVL, DFVS, DLBL, DLBS, DTUL, DTUS, DTYL, DTYS, EDV, EGF, FIBR, FTT, GBIL, GOVT, GSY, HYDD, IEF, IEI, ITE, PLW, PST, RINF, RISE, SCHO, SCHR, SHV, SHY, SPTL, SPTS, TAPR, TBF, TBT, TBX, TLH, TLT, TMF, TMV, TTT, TUZ, TYBS, TYD, TYNS, TYO, UBT, UDN, USDU, UST, UUP, VGIT, VGLT, VGSH, VUSTX, ZROZ
by: Robert W. Baird & Co.

Summary

Benign inflation readings have given central banks cover to reduce policy accommodation at a gradual pace even as growth has accelerated.

Labor force dynamics could put upward pressure on wages at a time when gauges of underlying inflation are rising.

Inflation can already be seen in the stock market, with the rise in prices outpacing fundamental improvement.