Commodity prices provide a real-time snapshot of the global economy through spot prices, which are essentially high-frequency data about the current supply and demand environment. These prices are key components in measuring inflation, which has shown signs of easing over the past year. However, a recent surge in the Bloomberg Commodity Index and signs of a reacceleration in US inflation data are troubling for Fed chair Powell. HSBC's Paul Bloxham and Jamie Culling asked clients in a note: "Have commodity prices past the trough?" Their answer, very simply, "It seems likely." "Global commodity prices have picked up in ... (full story)