In One Chart: This indicator says stock-market investors don’t believe inflation has peaked: analyst

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Analysts are debating whether U.S. inflation has peaked, but the relationship between two sensitive stock-market sectors signals that investors don’t think the economy has yet seen the worst of price pressures, a technical analyst argued Wednesday.

The relative performance of the energy sector versus health care serves as a real-time indicator of investor perceptions of peak inflation, said Kevin Dempter, analyst at Renaissance Macro Research, in a note.

Historically,…

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