SCOREBOARD: Taking a dip

US stocks suffered as low inflation and an economic 'swoon' substantially reduced the idea QE will be pulled in.

Large falls in retail energy prices are helping to drive US inflation down and last night we found out that US consumer prices fell 0.4 per cent in April to be 1.1 per cent higher annually, down from 1.5 per cent year-on-year. Notionally that’s a big drop and will get the Deflaitonistas all excited – except that energy prices fell more than 4 per cent in the month, and excluding energy, inflation is little changed, running at 1.7 per cent.

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