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“Blessed are the young, for they shall inherit the national debt.” – Herbert Hoover
US equity futures are bouncing a bit after the headline monthly CPI released at 8:30 AM ET came right inline with expectations.
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While the S&P 500 has been making new highs in a steady uptrend for the last couple of months, international equities have yet to really break out of their sideways ranges. That is, until this week. As shown below, the Bloomberg World equities index has just broken out to new highs above what proved to be a pretty stiff resistance level. This is a positive technical development.
As we have highlighted numerous times in recent weeks and months, international equities have been underperforming US equities for more than a decade, and at some point we expect this trend to reverse in a secular fashion.
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