No Inflation… Unless You Need Commodities

No inflation...

....unless you need commodities. Are we in the early stages of reflation? As Goldman's Privorotsky writes: "...either points to a broad dollar devaluation or a rapid re-acceleration in the global economy." Chart 1 shows BCOM vs US 5yr5yr. Chart 2 shows the BCOM vs the DXY. The dollar has done very little since April, while the BCOM has surged.