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Commodity prices remain strong

No sign yet of any commodity price weakness. This measure of non-energy, basic industrial commodity prices is now at another all-time high, having almost tripled since late 2001. Prices likely are being driven higher by strong global demand for commodities, and by accommodative monetary policy. I don't think anyone knows how to sort out exactly how much of the price action comes from either of these sources, but no one can rule them out.

Blogging will be light today as I am being called to jury duty.

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